Good game loop :
Yes, But:
If you do too much stuff it may not cost much immediately but get cached in the command buffer instead and lead to swap stretching over the frame limit and wait until the end of the next frame (BAD!).
So you have to monitor for such accidents and decrease the amount of "do stuff" accordingly if that stuff includes uploading hi-res LODs in the background.

I learned this the hard way and I (maybe, wrong) "do stuff" *before* issuing rendering commands and just let this homeostatic system of waiting swap and my auto-balancer system stabilize FPS for me. I even have an alternate mode when v-sync is disabled and the auto-balancer simply keeps increasing load until FPS drops to about 80. Leads to funny cases like rendering an empty scene in 6k FBO before downsampling to back buffer, cooling fans roaring like wild beasts and so on.

In short, it is up to you