I’d also look at monitor for Bluetooth presence detection. I’ve started using it today, and coupled with a sensor on the front door, it’s proving to be much better than HA’s built in Bluetooth tracker. Remember that you can track phones as long as the BT is turned on.
Now, you asked if my approach still works for me, and the answer is yes, but.
I do “presence” detection based upon both device trackers (WiFi and Bluetooth), but also activity. Whether or not I think somebody is home, if the TV is on, then the house is occupied (for example). I’m in the process of switching to monitor, as mentioned above, and have it set to only scan for departure if the front door is opened.