Yes, that's it. You might also be able to use a symlink, but beware if your server is offering CIFS (SMB) shares.
Another (maybe even simpler) way would be to edit /etc/passwd and change the location of every user's home directory from /home to /srv/home.
However, that would break anything that assumes your home directories are in /home - and anything you've used that stores an absolute path in a config or history file.