Matthew K, that way works but it sort of adds some steps. I do a lot of Orienteering as a sport. The beginners get shown your way as it can help “see” how the map relates to the features around them. There are a few things that should be added. The MAP is actually the most important thing. Following an exact compass bearing over rough country is very difficult. Best to keep the map features as you pass them. We are also taught that if you ARE working on a bearing, to hold up the compass, let the needle settle “in the dog house (north)”. then look as far as you can in the direction of travel arrow. Spot something….lower the compass and just walk to that feature (Tree, bush, downed log….). Get there, repeat.  The other thing is in their example of going for a water feature (or anything). Depending on the size of the feature, you might need to actually “aim off”. We aim say to the side by 10, 20, 50 meters of a feature but we are going to hit some other linear feature (power line, stream, trail). Then when you hit that other feature, and you aimed say to the right of the actual thing you are going for, you then know to simply turn left (since you’d aimed to the right).
Orienteering is a fairly inexpensive sport. There are clubs in many states (Here in Texas I think we now have Houston, Dallas/Ft Worth, Austin and San Antonio clubs), and I ‘d suggest to everyone going backpacking to find a local event and attend once or twice a year. Just for practice.