I don't think that quite works for the purpose. What you'd want is a second signal that goes low as soon as possible after loss of AC power.
My reading here is that PWR_OK going low is an indication that the PSU has stopped providing good power, and the CPU must shut down immediately, or it might miscompute something due to low voltage. At this point you absolutely don't want to do any last-minute writing, you'd be risking corruption.
What you need here is an early warning signal that you can react to while the PSU is still coasting on the internal capacitors.