This is exactly how we do things where I work. We're a pretty big team (about 12) and our standups are finished in 10 to 15 minutes. It's strictly time-boxed and we don't go over.
If you can't make it, we have a phone set up in the middle of the table for people to call in, or you can email someone on the team and they will say your standup for you.
If you can't make it, we have a phone set up in the middle of the table for people to call in, or you can email someone on the team and they will say your standup for you.