Yes, I've used that method exclusively for... decades now? Except for the "already in stuff sacks" part, because I get rid of the extra sacks.
Depends on the bag I bring, but these days it's usually one dry sack for clothes and bag, one for food, & one small one for my midlayer, first aid, etc. Everything else just gets shoved into the pack. It doesn't matter if the tent gets wet; if it's raining, the tent's probably already wet anyway. Your cookpot doesn't care if it gets wet, etc.
I size up the dry sacks; with them being larger, I can squeeze all the air out (leave a bit open at the top when squeezing, before rolling down) then flatten the bags out into little bricks. Cool thing about this is none of the "shoving my tshirt into a corner & it got wet" junk; it packs just as efficiently, and guarantees your stuff is dry no matter what.
Cost-wise a few dry sacks come out about the same as pack covers. Weight can be roughly the same, too... but the weight of the dry sacks is never dead weight, whereas the pack cover is a dead quarter pound in your pack most of the time. Pack materials are, of course, synthetic, and dry relatively quickly. I'm not concerned about carrying a couple extra ounces of water for an hour or two, but I don't want to carry the darn pack cover all the time.
This system also completely ditches any concern about multiple plastic bags, punctures or short life of plastic bags, etc.
In terms of the GG Uberlight cuben dry sacks, they're great, wicked light. But they do puncture pretty easily. (I made the mistake of stuffing a bag w/a hang tag attached, & the wimpy paperboard went right thru the material.) I probably won't switch all my dry sacks to this weight of cuben.