It's a conservative strategy, but especially if you haven't got any reads on your opponents you could do worse.
For me it's a very situational hand: sometimes I'll play it exactly the way you describe above, other times I might raise it from middle position or even limp it into a cheap multi-way pot. Depends on reads, opponents, tourney vs ring, tourney stage, etc.
It's certainly a hand that can be easily dominated and can trip you up post-flop if you're not careful.