I think that kind of thing can be a very good training tool,
IF combined with a number of extra elements. It has the benefit of teaching you the fluency one should aim for, if at a reduced pace (which is a good place to begin), as opposed to doing the techniques full-speed and pausing/hesitating between them (as I see more often than not) which deconstructs the rythm and there goes your fluidity (hello robot-dancing...).
The way it should be done in my very humble opinion:
- practicing this exercise slowly, focusing on fluency of motion;
- once perfect smoothness has been achieved at a given speed, speed it up one notch - then work at that new speed until perfectly fluid again, and so on;
- on the side, practicing the same sequence of moves solo, full-speed;
- practicing each separate strike full-force on an appropriate target (bag, pad, focus-mitts, dummy...)
- even when the sequence can be done fluidly at full-speed, retain the slow version as an improvisation-training tool: go through it with
uke deliberately acting unexpectedly at some point, and train on smoothly adapting to the new situation.
Keep in mind that although I believe to be fairly familiar with the way the human brain learns, my experience of teaching is NOT in the martial arts. Therefore I could very well be wrong.

Still, France's top karate master and leading authority in the field of M.A., Roland Habersetzer, has made
kumite-kata (which is more or less similar to what we have here) the core of his teaching; and his methods were widely accalaimed, including in Japan. So I guess there must be some good to it.
