If you like a more pixel based workflow this is definitely a great way to go about it. It (like my solution) has the benefit of respecting the user's default font size, allowing your whole site's layout to scale up or down according to set font sizes. My approach, however, has the extra advantage of scaling with the user's viewport size (the 0.8vmin part). This makes creating responsive websites a lot easier as smaller screen sizes will automatically have smaller layouts, assuming you use rems for everything as I suggest.

That being said, with the amount of different screen resolutions and ratios you have to cater to nowadays, I believe it's time to let go of pixel (or rems that are secretly just larger amounts of pixels in disguise) based layouts. By fully using more flexible units like rem & viewport units (vh, vw, etc.) responsive design becomes easier and a lot more natural. Combined with smart flex & grid layouts I barely need any media queries anymore. For me, this has sped up the process of making a complex, but still fully responsive layout by a lot.

Once you get a feel for working only with rems, combined with scaling font sizes, I am sure you won't want to go back!