Yup, this is what I've been using since I started with vi[m] (~30 years ago).
It's pure muscle memory after the first week or two, is obviously faster than fumbling around for ESC (which may move slightly between keyboards).
It works on every terminal, also on every keyboard, doesn't require customisation of your vim environment (compare to remapping CAPSLOCK) which is highly preferable if you're moving between ephemeral hosts and/or hosts you don't own or can't conveniently customise.
It's pure muscle memory after the first week or two, is obviously faster than fumbling around for ESC (which may move slightly between keyboards).
It works on every terminal, also on every keyboard, doesn't require customisation of your vim environment (compare to remapping CAPSLOCK) which is highly preferable if you're moving between ephemeral hosts and/or hosts you don't own or can't conveniently customise.