That is certainly one way to get there. It depends on the design intent-- if you are creating a countersunk hole, for instance to use with a flat-head screw, you will want to use the hole tool with countersink, and the information will be called out in the hole note (as diameter and angle, not diameter and depth!). If you are adding a chamfer for lead-in, or to remove a sharp edge, and will be dimensioning it separate from the hole note, then the chamfer tool is more appropriate. In this case, the drawing determines the decision of which tool to use.
Another consideration is geometry. On a flat surface, chamfer and countersink will give the same geometry; on a curved surface, they will not, and this difference will probably be important, depending on how the part will be fabricated. For a hole on a cylindrical surface, a chamfer will produce a nice-looking part, but a part that may be very difficult to produce:

The one on the left is a 90° countersunk hole, the one on the right is done with a 45° chamfer to the same diameter. The countersink can be machined with a countersink tool directly applied to the hole, the one on the right would be far beyond my machining abilities. But for 3D printing, there is only a miniscule difference in cost, so function and appearance are the only considerations.
Hope this helps,
Sam B
Inventor Professional 2016 R3 SP1 Update 1
Vault Basic 2016 SP1
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