Used to use a home-made version of that in NY, using chain and small buoys. Had to be careful as there was a lot of rode between the boat tie off and the water. When the wind picked up, the boat would drift further than you wanted. If you pulled the lines in tighter to shorten the rode, the chain stuck on the piling.
They look pretty tho, all lined up like that in the marina.
Try docking on a windy day and see how you do.
Not me. Not to mention your lines will be falling in the water. Not of fan of dragging saltwater logged lines back on board. Maybe if you had a 3 man crew, it might work. Otherwise, give me eye level, especially if you're solo.