^^ This does work and I have used such a method in the past - but you also need to bear in mind that for refraction calculations in the bulk liquid, you go from air to liquid back to air again. Whereas for a bubble you go from bulk liquid to air and back to bulk liquid.
You therefore need to ensure that the bubble object has the same IOR as the liquid, but invert the normals or give the bubble object an IOR value that is 1/liquid IOR
This thread explains it and has a few images to illustrate why this is important (it was actually the thread where I learnt about this method)
Here is a test I did:
