That is certainly one way of doing it. My steps just differs a bit and I edit in performance mode.
1. Copy rig (eg.1)
2. Go to new rig position in performance (eg.2) and paste rig
3. Hold amp and cab and browse to other profile
Seems like a little less buttons to push but both workarounds will work.
I've just started a feature request for saving the entire stomp block and FX block to allow us to browse 'presets sets' in those sections, hope it makes sense.