That's how we do pegs here (mostly). 3 cuts with a bisaigue. The first makes a large flat that cuts across about 60% of the diameter. The next 2 make shorter flats at 90° to the first to make a flattened off-centre point.

Some of us then make one final short cut opposite the first one, this helps with extreme draw bores or narrow timbers to prevent blowout.

Personally I like to have long enough pegs to drive them until they bind and then cut them off on both sides to clean up.