Up to ~2" thick I'm of the "sear hot/fast and finish indirect" school of thought. I also do the same for whole-muscle wild game roasts on the grill.
For something like Prime Rib or a whole NY Strip roast I prefer to Reverse Sear.
I think the single-flip is more about leaving the doggone grill-hood/oven door closed to keep an even temp during the indirect phase. An experienced cook is using time, cooking temp, and if grilling, ambient temp matters too. If you don't already KNOW what's going to happen before you put your steak upon it's heat source, then you should be inserting a probe.
Single-flip, neither side is “overdone”.