It works so long as the building you're making can reasonably be made into those shapes, but I'd argue most rides can't realistically be housed in anything like a Spaceship Earth. For logistics reasons, let alone cost.
Space Mountain is an iconic showbuilding itself, definitely. As a counter-example though, I want to look next door at Tron, which I believe totally nails it's exterior. It perfectly hides what it doesn't want you to see. I somehow went almost 8 years not knowing about the indoor showbuilding portion of the attraction and just thought that the outdoor run was the entire ride. Even as I was there in person, walking up to the front of the line, I was none the wiser to what I was actually about to experience. The awning is built to look incredibly cool and sleek, especially at night with it's gorgeous lighting package. But it also seamlessly blankets over the larger building behind it, and the substantial hole-in-the-wall that the Lightcycles speed into after the exterior loop.
It blankets it so perfectly, it's really difficult to find pictures to properly show off what I'm describing!
Imagine my shock when I start speeding towards this showbuilding I had no idea even existed for a high-theme indoor finale scene. Even with the brevity and the lack of Stardust-style racing, I think that moment really elevated Tron into something pretty remarkable for me.