I agree. I have been playing around with start 11 using this method and am really liking the look a lot. Without caption you get really big icons, but with captions you get slightly bigger icons then before and the captions remain separated unlike in previous versions.
I understand why this is not the default start 11 look. For it to look right every icon pinned needs a custom image attached to it so there is a time commitment there. But for anyone that is ok with a more advanced customization on window's 11 theme, this method could provide some additional support.