Having just done this with something that required an element of reliability, I can confirm that this is quite easy.
Micropython is great, but I did have some reliability issues – it's quite unfortunate that the hardware watchdog timer isn't implemented yet for the ESP8266.
In the end I switched to using the Arduino port and platformIO, and it's quite literally the simplest code that might work.
That said, the price is ridiculous, If they had made the IoT button rechargeable or have a removable battery then I wouldn't have a problem.