yes, what you are talking about is extremely doable and makes a lot of sense.
You have two points your line of sight (LOS) cross your bullets line of flight. Because of trajectory, your barrel is pointed up a certain degree. At about 25 yards or so, it crosses the line of sight.
In a perfect world, free of gravity and drag, it would continue on that straight line to eternity.
We don't live in a perfect world and have to deal with drag and gravity. So as soon as the bullet leaves the barrel, it is drawn to the center of the earth due to gravity and drag from air starts to slow it down.
So you pass your first point and that's your near zero.
It continues upwards on that LOF until it reaches it apex or rise above the los. At which point it starts to curve down again.
At some point down range, it will cross your LOS again. That is your FAR zero. For most guns shooting similar ballistics, .223, .243, 7mm-08, .308, .30-06 and such, it's about 225-250 yards out.
If things are really matched up, the maximum rise or apex is about 3-4 inches above the LOS at around 155-160 yards. The point that the bullet goes 3-4 inches below the LOS is around 260-280 yards. That 8" circle is typically what is needed to get a decent boiler room shot on a deer type animal. Having a smaller kill zone will be needed for smaller animals, and larger animals afford a larger kill zone.
so if anything, hold on the low side out to 175 yards and high from there out until you get past your 4" drop below LOS. Past that, plan on doing some kentucky windage. Doesn't matter if you adjust your sights or hold over with mil-dots, it's still kentucky windage and you need to understand the difference between full force and quartering winds as well as how to read mirage. And that is where the only real way to know what your gun is going to do is sit down and shoot. And after every shot, record it into a log book to include local weather conditions at the time. Big difference between shooting at 7 am and 8 PM as well as noon.
Maximum point blank range (MPBR) is where your bullet is in that 8" circle and you could hold the sights at the same point and reasonably be certain of making a one shot kill.
Adjusting your sights to put the point of impact (POI) to LOS is what bullseye shooting and things of legend are made of.
As to who does it? It's been taught that way for over 70 years in the Army. I witnessed over 600 people do just that and shoot qualifying scores every year for 18 of them. The Marines do it pretty much the same way.
So to teach well over 20 million folks to do that over 70 years, I'd say it has some merit.