I do this too. It works well.
In addition I have several playlists, as a song might suit the current playlist, and another song might fit playlist B instead. So any playlist might be seeding several other playlists at a time.
Sometimes I go through many, many recommendations, listen to a song in short pieces quickly by skipping most of it. It sounds weird but that way I can pretty accurately tell if the song is shit or not (read: if I end up liking it). If the song passes my filter, I put it to some playlist. I just do this quickly and finally go back and listen to the new ones.
As for "dislike", there isn't one per song but there is a "Don't play this" per artist. I sometimes play children's songs or pop as requested, and after some time the recommendations include music I truly never want to hear again in any recommendations (Marcus & Martinus I'm looking at you).
Also, it feels like only the first songs in a playlist actually matter for the recommendations. I don't know if this is really the case. I'd hope the recommendation engine took a random sampling of the entire playlist and recommended based on those.
Edit: there's a "hide" for a track.