This tech is pretty bad in 1v1’s because it costs a ton and comes at a time when monks are less valuable due to armies having a larger scale.
It’s also worse on open maps compared to closed maps, as monks are just more vurnurable.
In team games this tech can work a whole lot better, though with trade you may actually not need it (like michi and black forest)
The only time I’ve made it work was on a 1v1 enclosed against koreans, as halb/monks/houfnice countered everything, wagons/siege would get converted, and halbs dealt with the rest.