TL;DR: Yes, it is just a short-cutshortcut. The main point is that the complexified map
$$\tag{A} \begin{pmatrix} \phi \\ \phi^{*} \end{pmatrix} ~=~ \begin{pmatrix} 1 & i\\ 1 &-i \end{pmatrix} \begin{pmatrix} \phi_1 \\ \phi_2 \end{pmatrix} $$
is a bijective map : $\mathbb{C}^2 \to \mathbb{C}^2 $.
Notation in this answer: In this answer, let $\phi,\phi^{*}\in \mathbb{C}$ denote two independent complex fields. Let $\overline{\phi}$ denote the complex conjugate of $\phi$.
I) Let us start with the beginning. Imagine that we consider a field theory of a complex scalar field $\phi$. We are given a Lagrangian density
$$\tag{B} {\cal L}~=~{\cal L}(\phi,\overline{\phi},\partial\phi, \partial\overline{\phi})$$
that is a polynomial in $\phi$, $\overline{\phi}$, and spacetime derivatives thereof. We can always decompose a complex field ininto real and imaginary parts
$$\tag{C} \phi~\equiv~\phi_1+ i \phi_2 ,$$
where $\phi_1,\phi_2 \in \mathbb{R}$. Hence, we can rewrite the Lagrangian density (B)$(\text{B})$ as a theory of two real fields
$$\tag{D}{\cal L}~=~{\cal L}(\phi_1,\phi_2,\partial\phi_1, \partial\phi_2).$$
II) We can continue in at least three ways:
Vary the action wrt. the two independent real variables $\phi_1,\phi_2 \in \mathbb{R}$.
Originally $\phi_1,\phi_2 \in \mathbb{R}$ are of course two real fields. But we can complexify them, vary the action wrt. the two independent complex variables $\phi_1,\phi_2 \in \mathbb{C}$, if we at the end of the calculation impose the two real conditions $$\tag{E} {\rm Im}(\phi_1)~=~0~=~{\rm Im}(\phi_2). $$
Or equivalently, we can replace the complex conjugate field $\overline{\phi}\to \phi^{*}$ in the Lagrangian density (B)$(\text{B})$ with an independent new complex variable $\phi^{*}$, i.e. treat $\phi$ and $\phi^{*}$ as two independent complex variables, vary the action wrt. the two independent complex variables $\phi,\phi^{*} \in \mathbb{C}$, if we at the end of the calculation impose the complex condition $$\tag{F} \phi^{*} ~=~ \overline{\phi}. $$
III) The Euler-Lagrange equations that we derive via the two methods (1)$(1)$ and (2)$(2)$ will obviously be exactly the same. The Euler-Lagrange equations that we derive via the two methods (2)$(2)$ and (3)$(3)$ will be just linear combinations of each other with coefficients given by the constant matrix from eq. (A)$(\text{A})$.
IV) We mention for completeness that the complexified theory [i.e. the theory we would get if we do not impose condition (E)$(\text{E})$, or equivalently, condition (F)$(\text{F})$] is typically not unitaryunitary, and therefore ill-defined as a QFT. Recall, for starterstarters, that we usually demand that the Lagrangian density is real.
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