I believe yes and completely legitimate.

As it’s not really considered a loop hole in eyes of the Thai Government.

Intention behind 90 days reporting is to have that “touch point” with immigration authorities every 90 days.

Whether that be in person reporting at local immigration office or exiting/re-entering Thailand.

Both require interactions with an immigration officer.

One advantage of exiting/reentering is that it doesn’t require the TM30 form however but presumably they would collect your residence via new TDAC form upon arrival.

Online 90 day reporting doesn’t require in person immigration interaction - I think it can be done after your first in person reporting.