That is a good way to practice listening and more effective than passive. Your way adds the physical element of fingering the intervals which will add to the mental and aural elements of memorization. Now instead of hearing an interval and just knowing the pitch or degree, you recall what to play.
This is much more useful to the instrumental application than just the empty knowledge of what pitch is heard.
In my opinion, passively listening and memorization of intervals without the technical application is a waste of time. What good is identifying a pitch or interval if you can't reproduce it?
You can write on a music sheet what you hear without having to decipher it with your bass by looping the same 5sec like 100 times ... it is the way we learn at music school and at college level ... you don,t have an instrument in hand and you have to write the music you hear if you can do that you obviously can play it back.