I think that while risky it is a MUCH easier strategy to execute than trying to win with a QB on an extension which is why depending on your metrics of success it has either not happened or rarely happened with the exception of the Brady outlier but he is taking less so it is hard to count that. Hitting an average first round QB (even if you pull an Arizona and draft 1 back to back) gets you what you need to be a contender whereas to be a contender with a franchise QB you need to hit about 2 elite talents or 4-5 above average talents more than the other teams in the NFL who are using rookie QBs when it comes to drafting. This is why it does not really happen because it is harder to do.
Like going for it on 4th down though until someone does it and it works it will not become common place to do so and losing with a franchise QB still lets you have a job whereas taking the risk, risks your job even if it is a safer bet. The Lions and Eagles as an example are pretty happy with dumping their franchise guy and in the former case they were stuck with another team's own overpaid scrub for 2 years but might make the playoffs despite themselves (I LOVE both their picks as an aside even if the other is tbd). The Eagles built a pretty solid roster that even with a QB that is really not great they are still contenders now and that would not be possible if said QB was making an extra 40m AAV.
And I don't think its an easier strategy. Both strategies require quality draft picks being taken. If you can't draft well, neither strategy can be effective in any scenario.
So your opinion is that it's easier to have more money to spend in FA and buy assets AND rotate mid-tier QBs every 4-5 years then to simply pay a high end QB market value and then buy cheaper assets with less money.
I've not seen an argument yet that suggests or validates that as an "easier" task. It might be "easier" in a 4-5 year stretch, but long term, I don't see that model being effective at all. I think you'll trade a small window of being relevant for many years of average to below average play, and you'll get many GM's, coaches, and QBs fired along the way.
Too many GMs will acquire FA assets that won't live up to their comp, get injured, etc., and too many GMs will whiff on being able to attain even a mid-tier QB in the draft (or FA) in a 4-5 year window.
And for the record... I think your strategy CAN work for most positions EXCEPT QB. I think it can definitely work with WRs, RBs, and various positions on the defense. I think teams can and will absolutely start declining to pay the franchise WR $25-30M a year in favor of draft picks or mid-tier WRs, because they're much more replaceable than QBs and because they're starting to cost as much as a mid-tier QB would anyway.