Yes, that is the natural process. However, Waterfall (big-W) is a Big-Bang Big Design Up Front approach, each phase is months long and after the analysis you do little or no revalidation (emphasis on re) and a release planned 1-5 years out. That's where the problem comes in. If you revalidate the plan and change the plan, you're no longer doing Waterfall. You're doing something else, you're using your brain.

If you break that natural process down and apply it to subcomponents and have releases every few months, you're doing something like either the classical Iterative & Incremental or Evolutionary models which are longer cycle versions of what Scrum aims for (which as a target tries to get you under one month, maybe down to 1-2 week cycles). I&I and Evolutionary tend to operate with cycles from 3-6 months.