Yes this technique does work well when combined with panel lins and rivets. It should be employed on the right panels and parts of a plane to replicate raised panels. Typically panels assembled on wing ribs are even in height.
At this stage if you striped a panel line with anything from pinstripe tape to fishing line you can build up the other panel edge like youve done so far. This will result in depressed looking panels that span a structure underneath. Then add rivets and the job will be impressive.
Cool work so far! Ive done this before on older scale helicopter master models and the effect is realistic.