Nothing wrong with that. It is not ideal, and with a keen eye you noticed that in my schematic I have damping circuit (snubber) over the diodes, usually 100nF + 100 ohms will do. Here, apples-to-apples. The snubbers removed, series inductor removed (1nH is less than straight wire) and current increased to about 4.7 A. Diode dissipation is now about 2 W. Note, as Mr @murray hinted about storage capacitors, the snubber as well will practically not affect the diode dissipation, the point of it is to reduce the dU/dt for it to not produce radio frequency noise, thus it would spread out the peak over a wider area. At some point it is best to start building the damn thing, the LTspice can trap you into infinite 'polishing-wank'. Besides it is fun to burn some components once in a while, diodes and most transistors are cheap. Use eye protection!