Maybe, I'm sure there are tradeoffs. Like if the app updates and the config goes stale, or relays drop the config events. Probably lots more can go wrong.
I dunno if primal or Damus do it too. Damus has that fancy nostrdb thing.
Discussion
When I reinstall Damus, I have to setup some of my settings again. Primal I forget. I use less and don’t have to reinstall often. Nostur stores your settings online.