Thats how I have been doing it as well. Dont get me wrong, we still have bleach, but we use it for a lot around the house so it gets rotated pretty quickly.. for water cleaning and sanitation we are now stocking the pool shock. Stuff works great. I rotated out 2 55 gallon barrels last weekend and treated it with this. Much easier to store than bleach.
You can also start a fire with it and any “organic” material, oil/soda/etc mixed with it.