Yup. I let my kids (7 and 10) play video games or watch approved shows and that's about it. They get 1 hour on Saturdays, and they can "earn" more any day by reading: 1 hour reading = 30 min "screen time." We have a max of 2 hours/day, but they can bank time day to day.
It works pretty well. They definitely abuse the system by going beyond their allotted time, but if I "find out," they lose privileges for a couple days, so it seems they stay pretty honest on average without a ton of oversight.
I don't have any parental controls/blocking except for:
ad blocker - screw ads
passcode on Switch - mostly because of my 4yo, my older kids know the code
Basically, I operate on trust and honesty, and I think it works okay.