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Yes, that is in the manual for Shimano RDs, for cassettes with a maximum 27T sprocket. It does work in those limited circumstances - a Shimano RD, a big sprocket ≤27T and a double chainset with no more than 16T difference. The thing is, the other method works for everything, so which would you rather learn?
The inch, which is the amount of extra chain you have to add, is not really derived from the thumb; there is some weak suggestion that the Scottish inch may have been defined in relation to the thumb, but the English and succeeding Imperial inches never were.