If the pilot does not set the attitude above present altitude, it is likely the a/c will Alt capture (& level out) before intercepting the G/S.
As soon as possible select the Go Around Altitude
From current company SOP. I can't see a problem or threat with it to be honest.
Clearly if the GS isn't captured by 1000', a go around will be uppermost in the crews' mind. If it isn't captured by 500', there is no argument or discussion: a go around will be flown.
As felix indicates, such an "open descent" with no altitude protection is a good prelude to flying it into the ground if you get distracted and the G/S does not capture. If you can't capture the G/S before 1000' (assuming IMC), you WANT the Altitude to capture if you haven't initiated the Go-Around yet! If you're VMC, you should be flying the airplane and using the V/S in flight director mode for guidance. Again, if you are not on a reasonable glidepath at 500', you WANT the altitude capture to show on the FD to alert you!
I don't know what the Airbus proecedure have as a preface to that procedure, but it is a bad set-up.