yes, I still use the same method with my oven. Last night, the glass of my thermometer broke. I guess it was too hot for it.
My temp gauge sits in the upper left corner, not on the bottom. In your case, I don't know if I'd use that method if my gauge would sit so close to the heating element. The towel didn't actually burn, it simply fell apart when I unwrapped it from the foil. I haven't checked the one I used last night, yet.
I had good success with both combinations, but must say that I liked the latest one a bit better.