I think this is the way most people learned - especially in the rock/pop field.
The only thing I would say is that for Jazz, you get a big shock and it is very different. As Bass player in Jazz, most of the time, the band is relying on you to provide the basic pulse and outline the chord changes. Other instruments can "lay out" and you have to be rock solid on where you are at all time - playing with recordings can't prepare you for this and you really have to get out there and do it.
There's nothing else to prepare you for the feeling you get when you know that it's all down to you and you can't necessarily rely on the drums bashing out the rhythm and guitar/keys providing the chords on every beat.
Playing along with records can't help you with self-reliance.
“Making the simple complicated is commonplace; making the complicated simple, awesomely simple, that's creativity.”