Sure, it's a fine technique if essentially one thing is consuming all the CPU time (and it shouldn't), which does happen. It becomes tedious when you're looking for the thing that consumes 20% or so of the CPU time.
Luckily the article discusses that.
Yes, this method is probably fine for finding the one big offender. But you quickly reach a point where you see 5% here and 5% there. Then you need a real profiler.