That's similar to how I usually do, except that I have a "graphics subsystem" that contains a list of all the GraphicsComponents it has created (or the ones that should be visible in the scene) instead of references to the entity as a whole. When the graphics subsystem is asked to render what's visible in a certain view, it collects all the GraphicsComponents and asks them to "render" their vertices to batch buffers. Components can be sorted to minimize heavy state changes.

The way i have my component system set up is that i have a scene class which has a build in octree. Whenever you add an new GameObject to the Scene it gets added to the proper location in the octree. When i render i pass the camera to the Scene Render fuction. First thing it does is find which node in the Octree the camera is in. Once it find the node, it extract all the GameObjects from that node and child nodes into an array. Once i have a flat table of all the objects, I sort that table based on material/shader or anything else i want to sort it by. Then i render all Opaque Objects Front to Back, then render all Translucent Objects Back To front.