Maybe for that specific look it works, but yellowing over time is a real issue. Water based poly stays crystal clear on light woods like maple. For something that gets used a lot, shellac just doesn't hold up like modern finishes do.
Have you actually seen shellac yellow on maple yourself? The blonde, dewaxed stuff stays really clear for decades if it's not in direct sun. It's not like old varnish that turns amber. Shellac pops the curl way better than poly because it sinks in, not sits on top. That water based poly can look kinda milky or plastic on fancy figure.