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Yes this is a very good use case that is making using GrapheneOS with good isolation of Google Play Services dependent apps much much more convenient. I can recommend this setup if it fits your threat model. I personally haven't seen any drawbacks from this setup if compared as my previous setup of using a secondary profile. Only huge increase in usability, especially for those ude cases where you have messenger apps with dependency of GSF for notifications. Now you can actually see the notification and not just a generic notification forwarded from the second profile, as before (with the "send notification to current user" setting toggled). No need to constantly switch profiles and authenticate.
I have not tested but this maybe also partly mitigate the annoying AOSP fingerprint bug that in reality only let you have two fingerprints stored. Since you don't need to switch profiles as often it doesn't matter if fingerprint auth doesn't work when switching profiles.