That seems to be the somewhat normal way to do things, but I think it’ll lead to inconsistent and unreliable buttons if you are loading snapshots or pedalboards. Some solutions hook into the MOD APIs to sync the controller with the pedalboard when things change, but as far as I am aware there isn’t a usable “dumb controller” solution right now;
I’ve recently opened this thread about the same issue: MODEP toggle bypass with one MIDI event - #14 by worik