That is one way of looking at it. I personally have never quite liked it. Its conventional linear left-right continuum system fails to adequately explain Siamese twin ideologies like Fascism (Italy, Hungary)/Socialism (GDR), and Communism (the Lenin/Stalin variety)/National Socialism.
I come from a conservative school of thought, and have found the later instalments of the theory of totalitarianism quite useful.
The
Pournelle chart is quite useful if you want to analyse the current US political system, I think. Because comparing eg Merkel style Conservatives, and Trump style Republicans yields no useful results (other than "Merkel is a Socialist dictator", or "Trump is a fascistoid dictator in the making", none of which are quite accurate in my opinion).