That is how you would have to play it, you're right. The problem for me is not just that it's a PITA, (it is) but also that you become overly dependent on restore magicka potions because you're casting a lot of expensive spells and not absorbing any. Not fun for me at all but it is possible, I guess.
There are ways to avoid using tons of restore magicka potions, the one that I use the most especially since I always play with the Atronach sign with my mage builds is to make a short duration summon of a Ancestral Ghost(~15 seconds) and use that to restore my magicka. The spell I think costs about 6 Magicka and where the first attack from the Ancestral Ghost is always its magic attack it makes it very easy to get the absorbed magicka fast and it is very reliable even at the early levels when you have only the base absorb power from the Atronach sign.
Also, just because you are relying heavily on your summons to deal most of the damage to creatures it doesn't mean that they have to be the only means of dealing with your enemies, you can still throw a couple of spells to aid your summon. When doing this it helps to use spells that you have a significant resistance to or are even immune to as if they do get reflected it won't hurt as much or at all.