This is my go to short row method, especially for things like sweaters. Almost all short row methods have a structurally identical result, what varies is the tension of the yarn that connects the short row to the previous row and whether any of the stitches involved end up distorted. The thing I like the most about this method is that it produces a very symmetrical result, and it’s easy to close the gaps when knitting in the round.
The video below covers preparing and closing the gap in stockinette on both knit and purl sides.
When working in the round, you’ll find you have to close one or all of the gaps that were prepared on the purl side by coming back around to them in the round so closing them is a little different. Knit around to 1 st before the gap, slip the next st knitwise, lift the loop onto the right needle and join the st and loop together with an SSK.
You can use 1 piece of scrap yarn for a wedge of short rows, just make sure you don’t pull it out of the other loops when closing the gap! You might find it easier, for that reason, to use separate pieces.
This can be done without anything holding the place of the loop, with practice you’ll find it easy to identify which loop to insert your needle into, especially in bulkier yarns.