Hi Sander,
That's more or less how I tackle things - but, I also save individual Process Icons as Numbered (and named) steps (e.g. p04_DBE, or p07_Curves_msk_04). In the second example, the Curves Process was applied through an 'inverted' mask that was based on an Image Icon that I would have called "i04" (which would, in turn, have had a Process History associated with it.
All such Process and Image Icons get saved as I work through the steps I choose to execute on an image. I can also have a saved Process History icon that I might name "p01_to_p06" - this is quite common in my workflow where I perform CROP, DBE, BGN, CC, HISTO (to clip off the darkest 100 pixels in each channel) and HISTO again (to move into the non-linear space) - all of these steps being a typical "do these on the original MasterLight before doing anything else" stage at the start of my main image-processing exercise.
Of course, each of us will develop their own method of working. Personally, I like to be able to 'rewind the clock', and to try something entirely different to see if I get better results. However, I have seen others who simply keep throwing processes at an image, and a few CTRL-Z 'Undos' as well, until they finally get an image that pleases them - at which point they save a JPG version and dump everything else (sometimes even deleting all the raw data as well
)