Everyone seems to develop their own techniques based on knowledge, competence, what’s available, and pocket depth!
I mainly use a CNC mill. For XY and centring I either use a cheap and cheerful 3D electronic probe that came with the machine or a more traditional mechanical probe – the kind with a spring-loaded disc on the end of a shaft. The electronic one is used in conjunction with probing macros in the software which work well and can automatically probe various different geometries. The downside is that it is a pain to calibrate if the probe is changed (no, nothing to do with the user, they just spontaneously bend every so often. Honest). But, it does have a 6mm shank which fits my smaller, favourite, drill chuck and the larger shank on the mechanical probe doesn’t.
For Z, I can also use the probe or it’s the tool+fag paper as above. It’s the tool-and-paper approach if it’s a single-tool job, but with either I can then tell the machine to go off and measure tool length with the electronic tool-setter. I have rewritten the M6 tool-change macro so that on tool change, the new tool is measured by the tool-setter and the Z coordinate set accordingly. Using either a drill chuck or ER32 collet there is no repeatability so I can’t use a preprogrammed tool table so this measure-on-tool-change mechanism works for me.
Not sure the measure-only approach as per OP would work for me. Not until I can implement something like the TTS system, anyway!