Yes I do that too, and for similar reasons, and am also prepared to accept the side effects. And guess what its working fine for me.
I never worry about performance appraisals, since many if not most companies just have themfor use as psychological tools to (try to) undermine your confidence and thereby manipulate you into free overtime etc. Since I already know my own weak points/strengths/skills/capabilities I don't need anyone else to give me their impressions of me, and won't fall for being manipulated. Being paid is the only real evidence that you are actually of value to them.
I also never do what most employees do, just passively hope to be offered a pay rise next year. If/when I have cause to believe I legitimately now justify more money, I simply tell them I want to renegotiate my employment contract and give them the reasons. And you know what... it works, because instead of being a whiny bitch you're offering them a business deal and that's their language.
I can only do that because I view my employment contract as a mutually beneficial business deal between equals. Companies are not your parents and most aren't charities. They are only hiring you at all because of a simple profit vs cost formula: you are ultimately making them significantly more money than you cost them.
Many companies use talk of "loyalty to the employer/employee" and try to suggest their company has old fashioned values but they are mostly only doing so as a psychological tool to brain wash/pacify the more sheep-like employees into doing more for the company than they are paying for. You only find out how actually intangible their supposed loyalty is as soon as their latest calculations show the balance of the profit/cost formula of your employment has swung. I don't blame them one bit for firing people when the deal ceases to be beneficial, since I feel free to do just the same to them, and Its just the nature of "being in business". But I do blame employees for being naive enough to believe that somehow their situation is any different.