That's how it's done in most countries in Europe as well in my experience. To be clear in the end it's not what the media say that matters, it's the certified vote counts but those come in often much later. In this case I believe that some states like Alaska will be counting ballots well into next week.

It makes sense to call the race once the lead is considered significant enough that the remaining ballots can't statistically change the outcome.

A good counterexample in this election is Arizona, that's been called early for Biden by some outlets (AP and Fox News IIRC) but is still considered to be potentially winnable by Trump by the others. In this case it is possible that AP and Fox were a bit too trigger happy.