You have a way of getting stuff to and from external storage. In that sense, USB OTG works fine. At least you don't need an external power source like you did with the Nexus 4.
I can do the same thing when connected to a PC. It doesn't resolve OP's issue where he may need more than 32GB or storage space to store all his media content.
BTW, I plugged in my old USB OTG cable from Samsung Galaxy S/S2 days. It completely froze and shut off the phone for a few minutes. Hopefully there is no permanent damage.