This is the way I’ve always done it. I don’t like anything attached directly to basement walls. This way has several advantages. First of all by using 2x4 studs ( wood or metal) you have an easy way to run electrical wiring. You can use relatively inexpensive regular insulation. You can position the wall to cover pipes, ducts, or anything else ( install access panels for clean outs etc. ) No chance if mold forming.