That's great on small databases. Not so practical when they're big.
So - - - - what is the recommended procedure for 'large' databases?
Use a real backup system like pgBackRest. Stop using pg_dump.
Not useful when you're migrating not only between major versions but glibc levels.
Use logical replication!! Maybe. It gets difficult with partitioned tables that regularly have children added and dropped; mistakes can be made. pg_dump/pg_restore is guaranteed to work.