That's a good explanation of it. I think there is value, also, in doing things intuitively. When I was doing this, I didn't think about gravity or velocity or anything. I only thought about the result I wanted and what would bring it. Sometimes doing things that way can give out of the box solutions that can be interesting.
Well, I don't think I've ever done a project where I was able to get away with just using accurate physics, anyway, but it's logical to keep things constrained in a pos/vel/acc system because you can re-use it in every single game. Much more importantly, however, it's very very clear exactly how and why the character is moving a certain way. If you want him to hang in the air longer, you reduce gravitational acceleration. If you want him to jump higher, you give a higher jump velocity.
It's simple and compartmentalized. Intelligently encapsulated. Multi-use. Good things in an OOP environment.