Yes, I do think it is a good system for CC.
Like you, I don't play too many games simultaneously and have a fairly high RD. My rating is very inflated currently and I have started playing people of a similar rating, so I fully expect it to take a serious dip in the next few months. That would be fair. If I win half and lose half of the games against the similarly rated players then my rating will oscillate for a while (possibly quite dramatically), but will end up around the same as I am now, which would also be fair.
I play a lot of lower rated players in tournaments. If I lose to one of these guys my rating will dip by 60 points. Fair enough. If I lose to these guys then my rating ought to take a serious beating.
In summary, my rating is not reliable because I don't play enough games, so it will possibly change quite dramatically. This is appropriate. If someone plays a lot then their rating is more reliable, so it shouldn't change by much. If one chooses to play few games so as to concentrate more on individual games then their rating might be better than someone who plays a lot of games simultaneously, but is still statistically less reliable, so I think it is the fairest possible system.
If you only complete, say, 1 game a week, then you will have a fairly inaccurate rating, and a fairly high RD, so your rating will fluctuate by, say, 30-40 points a game.
But, the Glicko System is assuming you have started and finished and played in only one game in that week and therefore that your chess skils are getting rusty. But, while playing CC chess, you have more games going simultaneously and the result is that you are using your chess skills continuously even though, perhaps, only one game concluded in that week. Do you think both of these scenarios are equal? The Glicko System as is applied on chess.com is saying that they are!