Yes, the rhyming words method (like the cards you uploaded) is sometimes called "word attack" phonics. By knowing sounds of the alphabet and couple sight words the child can go straight into reading simple books i.e. -at:
cat, mat, hat, rat, scat - the reader would have simple sentences like
The cat is on the mat. ...
I don't know a whole lot about it, I have just seen some readers and have some cards similar to yours but without pictures for every word, so I am unfamiliar with the total sequence.
I used ABeka phonics curriculum with my other kids which goes - short vowels, consonants, blends (c+sh.v), long vowels, special sounds (132 letter combinations like ck, dr, ... three sounds for ea, augh, etc.) Their most helpful book is "A Handbook for Reading" which I would recommend to anyone.
https://www.abeka.com/ABekaOnline/BookDescription.aspx?sbn=94927here are the page samples
https://www.abeka.com/ABekaOnline/ViewSample.aspx?sbn=94927I've learned a lot teaching them
I guess the main difference is in the way you put words together i.e. cat=c+at=ca+t I thought I'll introduce both this time and see