Imo that's still not enough. Plenty of crashes or failures happen in a way where loading screen animations still keep playing. Having a cursor you can move around to validate that the process is still responsive is important feedback.
I also remember lots of games that did exactly what you are saying and there was no way to tell if it had hung during loading or not because you couldn't check if it was accepting feedback.
That's a really interesting perspective I didn't think I've seen before. Thanks for posting.