Newton-Raphson doesn't buy you much for logarithms, because the iteration itself involves either exp(x) or log(x)[1].
If you don't have a real multiplier[2], then the algorithm described is somewhat attractive because multiplying by 1/(1+2^-k) has a nice series expansion. You can do it using only shifts and adds (and the number of terms you need is O(1/k), so it falls off reasonably quickly), and you get the part you need to compute the next `k` early, so there's no serial dependency. Actually finding k is just a count-leading-zeros operation, which is cheap enough.
Computers today pretty much all have real multipliers, so no one does this. Instead we reduce to a range like [1/sqrt(2),sqrt(2)], and then either use a minimax approximation on that interval (if the accuracy requirement is reasonably low) or further reduce by looking up a value of r close to x for which we have a pre-computed 1/r and log(r) and take advantage of:
log(x) = log(r * 1/r * x) = log(r) + log(1/r * x)
this allows one to achieve high-accuracy results if r is chosen so that one of 1/r and log(r) is exact and the other is unusually close to the exact value[3], or stored in extended precision.
[1] If you have a fast approximate exp and log you can make use of it in an approximate N-R iteration, but it still doesn't buy you much. In practice no one does this; we compute exp and log directly, and they're among the fastest functions in the math library.
[2] Meaning either you don't have one at all or that it's much, much slower than addition, as was common in the 1980s and earlier.
[3] This trick is called "Gal's Accurate Tables" (https://en.wikipedia.org/wiki/Gal's_accurate_tables), but as with most things named for someone, it was independently invented multiple times, and likely dates back decades before the credited inventor.