The headline claims something different from the actual example.
The example assigns "Beatles" to ARTIST and "Yellow Submarine" to TITLE.
There are many ways to skin a cat - but I think that the action of the type "Format tag field" is a little easier as you can select the target field from a list of fields.
See also the documentation:
You are right: use the Actions if you want to keep the script definition.
Some actions like "Replace" are one-offs in many cases, so it may not be worthwhile to save the configuration. But that depends on the use-case.