Pretty much this. I don't even bother with watchtower anymore. I just run this script from cron pointed at the directory I keep my directories of active docker containers and their compose files:
#/bin/sh
for d in /home/USERNAME/stacks/*/
do
(cd "$d" && docker compose pull && docker compose up -d --force-recreate)
done;
for e in /home/USERNAME/dockge/
do
(cd "$e" && docker compose pull && docker compose up -d --force-recreate)
done;