Using a Shunt Resistor to measure current
Yes, that's a good way of doing it, if the effect of the measurement resistors is indeed negligible. That could be a problem with low voltages: you want to have a resistance high enough to measure at least several tens of mV, but if that branch has only 100 mV between nodes then the resistor may affect the circuit's operation.  

But often you don't need a shunt resistor, if you already have a resistor in the branch you can measure across that.  

Note that for AC measurements the current you measure will always be in phase with the branch's voltage, and that may be quite different from the current's real phase. For instance, if you want to measure the current through a capacitor that will be 90° out of phase with the voltage, but what you measure across the resistor will have 0° phase shift.