<< Is there a better way? >>
Well, ‘better’ is fairly subjective - but one of the many great things (imo) about wings is that there’s rarely just a single way of doing something 
Re the actual example - it’d depend a lot on exactly what I was trying to do - but for smooth circular / elliptical arcs, here’s a couple for starters.
Create default cylinder
Select top circular face
Face | Inset > 50% (say) … hold Cntrl for 10% ‘steps’
You’ve now got the basic essentials for an internal curve.
Select any 4 adjacent new faces (prob between any pair of axes will make other ops easier)
Face | Extract Region > Normal (or Y) to suit
Face | Extrude Region > to suit.
Tidy up the outer curve (if you want to) using (vector) Flatten ops (need advanced menus enabled - see prefs)
No step by step - but check out Vert | Deform > Inflate > 100% - especially RMB option with adv. menus, as this places all selected verts onto a circular path (in 2D or spherical surface if 3D)
If you want elliptical stuff - I’d be tempted to create circular first, then scale along the relevant axis.
Keep things as simple as poss - makes life easier 
If a (standard / default) shape already exists with the properties you want - use it as a reference and cheat - no point re-inventing the wheel.
Tools | Connect does the same job as Draw Loop - so you’re not missing anything …
There’s various bits of info here www.puzzledpaul.com which might be of interest - if you’ve not already had a shufties.
pp
welcome to wings, btw 