Action links in menu

Hi!

Is there any way to create custom menu in template which will display:

When user is not logged: Login link and Register link
When user is logged: Logout link and Profile link

I know that I can accomplish this using wordpress function is_user_logged_in() and conditionally rendering proper links (something like this):

if ( is_user_logged_in() ) {
echo "<ahref="profile">Profile</a>"
..}
else {
echo "<ahref="register">Register</a>"
..}

But maybe there is a simpler way?

https://www.ads-software.com/plugins/theme-my-login/