In my opinion, yes, that makes perfect sense. It’s simple, low fee, auto-rebalancing and auto-reallocating. It’s a strategy I personally use!
An academic might point out that there is such thing as tax-efficient fund placement. By breaking up that target date fund into its component parts (US index fund, international index fund, bond fund) you could place each in the type of account that makes most sense to optimize tax efficiency.
That sounds fancy, but it basically requires foreknowledge of which ones will go up in value more and which ones will generate more taxable dividends, etc. When I’ve put the most extreme case possible into spreadsheets, it really doesn’t make much difference, especially if the numbers aren’t gigantic and especially if the accounts are disproportionately sized. (i.e. 95% IRA or 95% brokerage account, it doesn’t really matter).
So, as a fan of simplicity, I’m like sticking the same TDIF in every account and sleeping like a baby.