Exactly. That is a form of the 5 Day Split I mentioned earlier. Pick the weakest area of the 2 and dedicate 3 days to that area. For example, in the 5 day split below, it assumes lower body is your weak area, so do it 3 times a week out of 5 as follows.......
MON...........lower body
TUES..........upper body
WED............lower body
THURS.........rest
FRI.............upper body
SAT............lower body
SUN.............rest
...or you could do this sort of 5 Day Split from Monday to Friday only ( i.e by not resting on Thursday ) .
Now, assuming you've already got anywhere form 3-6 months of training already under your belt, splits can be a viable option and some value. The added days of training derived from splits can not only shorten the length of each training session itself, but it can allow to you to train at a higher level of intensity using more exercises. And more exercises with more intensity will opitmize overload - which is what your need to maximize the adaptation ( ie, growth ) of your muscles. Again, splits usually are more suited to what be described as ' intermediate ' lifters such as gym rats who have been training anywhere from 3-6 months - i.e lifters who've already had a good progression of central nervous adaptation from their muscles and have learned to train with some degree of intensity. Otherwise, a 3 day per week full body workout might be the better option.