Yes, but modified method. The condom rim can bite into your skin. It hurts like crazy. I use a different method to maximize my glans. Rather than going cheap, I go a bit more in style. Two approaches:
Medical tourniquet band/tape:
Find the soft one that allows you to wrap nice and gentle around the base of the glans. This allows wider area support rather than a tiny surface area that bites into your skin.
TheraBand:
Just like the medical tourniquet band/tape above, it's more flexible and has wider application for many things, softer, and greater comforts. The price for Theraband is 4x the cost.