I don't think there is another cheap & easy to administer way, or more people would be doing that. Also CF is nice for the slight protection it provides against obvious bots and mass hacking attempts. And decreasing requests for static page resources. And it also (as long as your website doesn't leak its own ip, i.e. not sending emails except through Received-path-scrubbing services) hides your ip somewhat, meaning if you're careful you can run a website from your home on a raspberry pi without any issues.