I thought it was a very good way to think about division. Perhaps I was taught an example like that in school, but all I remember was the simple inversion trick. I didn't get a really good understanding for what I was doing.
Another thing that helps with fractions is to change what I subvocalize when I see one. I was taught to think "two thirds" when I see 2/3 for example. If on the other hand I think "out of three parts, take two", when I see 2/3, I get a much better understanding for what the fraction actually means.