Yes. As NeuroticFish has said, this method will work.
Note that if you import using an extended public key, your watch only wallet will only be able to view the addresses from that specific account - you can't add additional addresses or extended public keys from other accounts. If you have different accounts using different derivation paths, or if you have separate P2WPKH and P2SH-P2WPKH accounts, for example, then you will need to create a separate watch only wallet for each account using each account's individual extended public key.
If, on the other hand, you import individual address rather than an extended public key, you can import addresses from different accounts, different derivation paths, and even different address types, all to the same watch only wallet. This is a good solution if you have a small number of addresses across multiple accounts you want to watch, but since you aren't importing an extended public key, the watch only wallet will be unable to generate additional addresses. Any new addresses you use which you want to watch will need to be added to the watch only wallet manually.
