In this case no. It's a single threaded system + interrupts with no rtos where the interrupt state is never changed outside known boundaries. Within that we don't necessarily know the current state, hence the solution. Elsewhere, there's plenty of more conventional locks around queues etc, but the led driver section needed something a bit smarter, due to hardware constraints and other requirements. The overall software load is very high and would have preferred to have hardware dma support for the display driver, but there's unlikely to be any movement on that for a year at least.
Anyway, there are by now probably thousands of boards out there running this code without fault for a year or more, so I guess it must work :-)...
Regards,
Chris