I've been using a very similar (almost identical) method for making pizza and bread doughs ever since I studied bread making practices in Romania almost 40-years ago. It works like a charm, and the 60 to 65% dough absorption is about right. We refer to the process as "biochemical gluten development". The only thing kneading or use of a mixer really accomplishes is faster gluten development, however faster gluten development goes bring some baggage in the form of a tighter, more springy dough that has to be addressed before the dough can be given its final shaping. I spent a good part of the Holidays this year at our son's home in Kansas City and during that time I made breakfast rolls, dinner breads, pizza and calzones all using this dough making process because it required so little of my time.
Tom Lehmann/The Dough Doctor