Does this work for Gen3 brake bleed?

It doesn't fully clear the fluid in the ABS pump.
Plus, you should always have the bottle higher than the blead valve so air will
not be able to get sucked into the system, which is why you are trying to get out...

 

I've know people who have done this... It can work if you're only doing brake work at the end of the lines... But if you're working with accumulator pump and other systems higher up the lines it won't get all the air out.

 

As long as what you mean by "basic bleed" is "I only had this caliper or wheel cylinder off a short time and I was super careful not to let fluid run out and there might be a bubble here right at the end", you can often get away with those sorts of methods, if nothing unexpected happens.