Yeah, that's particularly a good way to hold it while standing/walking/multitasking. It also provides stability for graphic art production or similar. Good for people like me, who baby the hell out of new electronics. I've held actual infants with less care.
For reading while sitting down on a couch or recliner next to an armrest or something, and you can't cross your legs to rest it on, this works well - holding the top edge with it propped up on your thigh and resting your elbow on the armrest works well. You have the other hand free for control/food/drink/whatever, but can use the thumb of the hand holding it to interact with the top third or so of the screen (like to turn pages while reading).