Yes, technically there are several ways to finish the cabinet sides, not just the method I posted. I prefer this approach because it keeps the expensive and difficult to replace finished end panel from extending all the way to the floor.
Anything that touches the floor is going to take a beating over time from brooms, vacuums, mops, and general wear and tear. If the bottom of the finished end panel becomes damaged, replacing it can be a major project since it is often trapped beneath the countertop and secured with adhesive. Removing and replacing it without damaging the countertop is generally not a DIY job.
By stopping the finished end panel above the floor and using a base molding instead, any future damage is much easier and less expensive to repair. The base molding can simply be replaced if needed. It also creates a clean transition to the floor and gives you the option of adding shoe molding later to hide any irregular gaps between the flooring and the cabinet. Overall, there are a lot of practical, long term benefits to this method.