> <esc>cc
Doing control+o in insert mode temporarily places you into normal mode so that you can execute one normal-mode command, and then go back to insert mode again--no need to hit 'i' again.
So, instead of '<esc>cc', '<c-o>S'.
Or just <C-u> in insert mode. <C-u> and <C-w> are standard Vim insert mode commands.
The vim version is much easier, if you ask me: 3 strokes, 2 keys and 0 combinations.
The one you suggest however requires 4 strokes (ctrl then o then shift then s), 4 keys (ctrl, o, shift, s) and 2 combinations.
The "cc" sequence deletes the line and switches automatically to insert mode. To forgo the switch, the sequence then becomes "dd".