The approach you describe is mapped out in detail, with tutorials and templates, at AlexanderCowan.com (who runs an MBA entrepreneurship programme in the US, the Agile Development Specialization (professional certificate) on Coursera, and he wrote the book Hypothesis-Driven Development).

It's an approach that I have led, coached, supported and enacted many times, at three enterprise-sized companies, to remarkable success ... with two small tweaks.

At these companies, the discovery and usability tests were designed and led by someone with the word Researcher in their job title, and the design work was led by someone with the word Designer in their job title.

I later found out that this approach is called Human-Centred Design or (Human-Centred Agile when integrated into Scrum).

The other critically important tweak is to carve out a chunk (usually 2-3 months) to conduct deep discovery with any unfamiliar segment/market - I usually find 5x 60-minute depth interviews with each persona gets the required level of detail.

Once you have it, you don't need to keep doing lengthy discovery interviews - just a quick sense-check to make sure your customers' contexts haven't changed without you noticing, after which you can rapidly move through the sprint-testing stages.