Note, that just draining the oil using the drain plug in the hub cap, you are still not draining all the oil out of the bearing "sump" (the cavity between the wheel bearings). So you are only draining some of the old oil using the drain plug (which is better than nothing). Then you fill with new oil and let that mix with the old oil still in the hub as you drive. Then you can drain the oil again from the hub drain plug, and you will have removed most of the old oil which is now mixed with the new oil. This is a good as you can get without removing the wheel assembly and bearings to drain.
Also remember that just replacing the oil is not the end of the maintenance task. You should be inspecting the bearings every so often depending on how much you drive (maybe every 150K miles or 5 years - or when you put new brake linings on that axle), so at some point you should remove the wheels and pull the bearings for inspection. Or if there is any signs of metal (glitter) in the old oil, then you need to pull the bearings and inspect/replace right away.