That's the only way of which I am aware that you can move the nock closer to your eye and continue to use a split finger release. Some just find it uncomfortable to raise their hand, and arm, up that high. At north of 70, that's my case, but I tried it and it does work. It's just not comfortable for me.
Take a good look at the picture of the late Fred Bear, commonly included in most Bear ads, and you'll see that his anchor is just about as you've described.
Have Good Fun!