Yes, that is the architecture of a modern offline SMPS. But the rectification losses are minimal compared to other losses in a PSU and there are options, like active rectification, to improve efficiency in that block if needed.

I will concede there may be advantages to centralizing power factor correction. But on the flip side, components like circuit breakers, connectors, and switches for high voltage DC face arc quench challenges that their AC equivalents basically don't at domestic line voltages and currents due to the zero crossing.

In-home batteries are a case where the benefits of DC wiring may outweigh the drawbacks though. That is also the basic situation in those datacenters I mentioned, where power to the racks all comes from a UPS system.