Removal of _setBaseURI() from ERC721 contracts in v4.X

I've noticed that v4.X versions of the OpzneZeppelin ERC721 contracts have removed the function _setBaseURI. See v4 docs vs v3 docs.

With this change, is there a recommended (or best practice) way to define the baseURI during the construction of a token that inherits from OpenZepplin's ERC721 contract?

The easiest way would be to overwrite the _baseURI() function in the inheriting contract to return my desired URI string. Is this the recommended solution?

Yes this is how you're supposed to do this now.