I use it for this. The big PC is in the basement directly below where the desk sits. A 3-meter TB4 cable is hilariously expensive, though.
My main complaint with Thunderbolt remains that you need to be picky about the implementation. Macs all work fine, and fully integrated solutions like the Intel NUC also work perfectly. Getting an OEM or DIY workstation that supports TB4 is harder. The motherboards that provide Thunderbolt with an add-in card and cable headers never work right. They will fall over dead as soon as you push them even moderately hard, or if you do something unthinkable like unplug the cable.
I had an Alienware (Dell) that would take forever to configure itself when plugged into a dock that my coworkers with Macbooks used with no problems and half the devices wouldn’t work.
Later I got a Latitude with a matching Dell dock and those have worked together just great for years.
My main complaint with Thunderbolt remains that you need to be picky about the implementation. Macs all work fine, and fully integrated solutions like the Intel NUC also work perfectly. Getting an OEM or DIY workstation that supports TB4 is harder. The motherboards that provide Thunderbolt with an add-in card and cable headers never work right. They will fall over dead as soon as you push them even moderately hard, or if you do something unthinkable like unplug the cable.