Unless you're a RVN, where the GK cannot get to the ball despite knowing exactly where you're going to put it, I think the waiting game style isn't the worst.
Goalkeepers are always at a disadvantage in pens and they need to make their mind up where the attacker is going to put his pen else they have no chance of saving the pen.
A hop skip and jump style means that the attacker knows where the GK will dive in most cases and as long as you hit the target, you're mostly going to find the back of the net. Obviously, there are keepers who wait till the last moment to make their mind up for certain kick takers (like Pickford vs Jorginho), however, in those cases, all you need is a decent bit of power. Getting down this early is tough if the GK waits till the last moment.
Ofcourse the "old school way" has it's advantages, but unless you can put it in the corner, you're literally going to have a 50% chance of scoring (which aren't great odds)