Been doing this for almost 6 years now, since the pandemic. It was the best solution that I could find at the time and though Thunderbolt switches have appeared since then, reviews have painted them as extremely flaky almost universally and their port selection is limited despite their exorbitant prices, so for the time being I'm going to keep cable-swapping.
I've not had trouble with docks (all CalDigit) or cables failing, though the port on the dock has grown loose. It still works perfectly but can glitch out if I bump the dock (thankfully not common with how it's positioned at my desk).
As nice as the USB-C connector is, for this use case I'd really like a connector that's USB-C electrically but bigger, bulkier, more robust… something like the old FireWire 400 connectors with their satisfying click would be great.
I’m on a Caldigit as well. TS3, I think?