While a working reserve can be created in this way, it requires that you completely link up your entire supply chain for all industries that use any reserved material. For example, if I wanted to make rock crafts out of "excess" stone, I'd also have to set up linked supply piles for my masonry workshops, mechanics workshops, and any craftsdwarf workshops that I want to produce other crafts like pots. With the "take excess from" link, I'd just have to make two links: one from my reserve stockpile (can be any existing stone stockpile really) to the excess pile for stone crafts and another from that pile to the craftsdwarf workshop where I want to queue up crafts tasks. The rest of my stone-using industries aren't affected at all, and there's also fewer hauling jobs, because there's no need for a separate distribution pile for each industry.
Controlling the size of the reserve stockpile in a take-excess-from system also provides a simple way of indireclty prioritizing jobs: by linking a workshop to take from a "take-excess-from" pile, you're effectively conditiononing jobs at that workshop on having a certain amount of raw materials, e.g., "don't make any wood crafts unless I have more than 20 wood" is easy to implement. With the currently working "excess pile feeds industry piles" system suggested above, I don't think there's a way to do this, because there's no way to prioritize the order in which the industry piles take from the master pile. You can approximate by setting the master pile to also give to priority workshops directly, but I'd guess most stuff would still get moved to the industry stockpiles as only when a worshop job was started would things be taken from the master pile directly, while hauling jobs from the master pile to the industry piles would be constant.
The point of a "take-excess-from" link is not just an easy way to implement reserves, it's essentially like adding another logical operation to the stockpiling language, and it's an operation that in some usages can't be conveniently approximated by arrangements of existing "take-from" links (although sometimes it can be approximated as Aranador pointed out).