Yes.I have worked in outlook most of my career. I'm in google mail and I do essentially the same thing. One other think I didn't mention is that you should manually file most of your emails into only a few buckets and leave the ones in your inbox until you complete them.
My outlook boxes are simple:
PERSONAL-buddies that still send things to my work email.
NEWSLETTERS-which I make automatic
COMPANY or COLLEAGUES- all your colleagues email goes here.
USEFUL EMAILS-This is where most emails go. You can still sort or search them.
I used to have 20 or so folders, but searching got pretty good over the years, so I reduced it.
Hope this helps!