Yes thats the most efficient way to do it (as far as I know). However the physics is still a problem. If you only need to allow the player to go through such a door, then a teleportation could do it. But if you need physical objects to respect this door (like portal), then things are much more difficult.
I had some success in recreating the visual effect of a portal using just blueprints. Here is the demo and scene setup
Scene setup: https://www.youtube.com/watch?v=o9TNOUiNjpI
However it has a heavy hit on performance and a 1 frame delay whcih is very noticeable. I did not work on it much (I did that in less than 2 hours) and never touched it gain.