Overall, it sounds fine for what you want to do, yes.
Make sure the dock is a good quality dock with a sufficiently fast connection i.e Thunderbolt so the included hard drive has enough bandwidth to move large files back and forth quickly.
Otherwise, you may want to consider a discrete external drive, as there have been issues with some docks randomly disconnecting the hard drive from he Mac which may cause corruption and data loss.
Are you planning on using Apple's Photos app for photo management or something else?
For Apple's Photos app, make sure the external drive is formatted as APFS or at least HFS+.
Are you planning on using Photoshop for processing?
If you are planning on moving the hard drive between Windows and Mac, do note macOS can't write to Windows NTFS formatted drives on its own. It can read from them however.