This is how it's been done traditionally, since basically forever as far as I can remember. To be honest, I think modern tools could do better. If you happen to want a cut just 20 frames after a keyframe, those 20 frames could be computed (decoded) in order to create a new keyframe right in the spot you wanted. There are a myriad tools to do the typical lossless easy cut, but no idea of one that goes the extra mile to do this more advanced technique.
UPDATE: Navigating the GitHub issues I found out that this is indeed an in-progress experimental feature! That's amazing -- https://github.com/mifi/lossless-cut/issues/126