No, not exactly that way, but it seems reasonable.
As an aside, but not for Toad’s eyes: The interesting thing about the ‘old fashioned’ rivet (which some people do still use) was, that when driven, the rivets actually tended to fill the holes, so they did take there proportional share of the load. Unlike bolts, and bolt holes and fit-up, where some percentage of the bolts are either yielding in shear, or causing plate/hole bearing yielding, to bring the other half of the bolts into real loading and bearing, thus joint slip.