Yes you can think of it as an inline switch and run only a 3-wire.
So you have two options, one is just put a switch outside and wire the interior panel like a normal service with the service disconnect, main bonding jumper and GEC(s) terminating there. Or you can make the outside disconnect the service disconnect and wire the interior panel as a sub-panel. With the first option you would only need 3-wires between the EM disconnect and the service just like in the photo in the OP. Regardless of which method you choose you need to follow the labeling requirements in 230.85.