I have seen many guys using a table saw jig for this. Wouldn't the above be good enough?
It depends on your standards, not the quality of the mitre gauge.
As the section on mitre joints in a few books shows, some people would never accept a mitre cut for a picture frame straight from the saw (any saw) but would always refine it. In the home workshop this is generally done using a mitre shooting board. Here's a pic of one from a previous Answer in case you're not familiar:

Source: Wood Magazine
In addition to giving a superbly smooth surface to the cut face (important for the best glue joint, although mitres should nearly always be reinforced in some way regardless) this allows you to sneak up on exact lengths in a way that no saw will allow — hundredths of a millimetre/a few thousandths of an inch at a time. It also guarantees your mitres are at exactly 45° if you build it right, each and every time.