Although you are correct about the three steps VS five, there is an easier method still. For the full string, I use 2 tilde 1, 1 tilde 2, 2 [tilde, slide, roll, whatever term you use] simply sliding your thumb, if that's what you use, from 2 to 1, then 1 to 2, then 2. This also makes using part of the string less button presses than the 2,11,22. As you can do 2 tilde 1, 1, canceled into slide, sand grenade, toss or trap on block.
Kung Lao's tricky string is also three easy steps, being... 1, 1 tilde 2, 1 tilde 2.