Ugh no.
For starters it completely ignores the circumstances surrounding the crime. A person starving to death is going to steal food, and theres not much you can do to stop them beyond something which is clearly beyond the same level of severity as the crime, such as killing them.
And it also ignores the effect of the punishment. For some crimes and for some circumstances, it may have the opposite of the intended effect (taking away what little food a starving person has would probably increase the likelyhood of them commiting more crimes).
I would favour any system that reduces suffering from happening. Now,
sometimes harsher "tough-on-crime" or eye-for-eye style approaches can work, but they should only be considered based on their ability to reduce suffering and not based on any notion of "revenge" or "retaliation". I still consider criminals human, so any law that increases the suffering of criminals more than it reduces the suffering of anyone else is bad in my book.
With the above example of a starving person, something like social programs could be used as an alternative to the legal system to releave the suffering of both the criminal (by providing them with food) and the victims (starving people are much less likely to steal food when they are not starving). Given that a lot of crimes are commited by people of low socio-economic status, educational and traning programs could also be used (inside and outside the prison system) to give these people a better chance to provide for themselves. Youth programs can also be used to provide youths with activities (as some crimes, particuarly youth crimes seem to be done for fun due to boredom), and maby even make the educational system more responsive (and thus more relevant and interesting) to the interests of young people.
I remember one of the first things we did in art classes at high school was paint a picture of oranges in a basket. how boring. It certainly diddnt make attending art a particularly interesting or engaging experience. Now if I was allowed to attempt to paint a dragon, a fantastical landscape, or something like that I probably would have shown much more interest in the subject and done much better. Only now am I starting to experience the thrill of creating something (even just attempting to create something) after years of dismissing art an irrelevant nothing, and I certianly wish I had expereinced this years ago.
IMO the more people have affordable access to food, water, healthcare, education, and accomodation, the less crime and less suffering there woud be.