Having worked with SaaS companies using our (Warrant) solution for customer entitlements [0] for the past couple years, this is the approach we arrived at as well (e.g customer stores entitlements in our system and checks against them when needed, adding rules/entitlements as subscriptions are updated/deleted with their payment provider). It makes it easier for companies to work with any (or multiple) payment providers, and there's a clear separation of concerns. Someone shared another blog post by OP about separating your billing and entitlement systems [1] below, but I'll share it here since it's more relevant within the context of this comment thread.
I think the ideal entitlement system is (1) dynamic (i.e. rules stored in a database), (2) can handle one off scenarios (for enterprise customers, etc.), and also has a policy layer built on top (so it supports almost any scenario a developer can throw at it -- e.g. pro plan supports <= 5 seats, growth plan supports X feature up to N times per day, etc). I think it's also a huge benefit to have a UI where non-technical folks can make changes for customers without needing to involve engineering (which was always a drag on engineering in my prior roles as an engineer).
[0] https://warrant.dev/use-cases/pricing-tiers-and-entitlements... [1] https://arnon.dk/why-you-should-separate-your-billing-from-e...