To the question
Is my process right?
Unfortunately, no, it is not. There are two problems with your logic:
First, while it is true that the functions $f(x)=x$ and $f(x)=-x$ both (separately) obey the identity $f(f(x))=x$, you appear to be trying to use the converse of this, which is false: Given that $f(f(x))=x$, it is not necessarily true that either $f(x)=x$ or $f(x)=-x$. Other possibilities include $f(x)=A-x$ (for any real number $A$) and $f(x)=C/x$ (for any real number $C$, and assuming $x \ne 0$). Nor is this an exhaustive list of the possibilities; you are essentially trying to describe all involutions (functions that are their own inverse function); a complete characterization of such functions can be found at this question.
But the second problem is perhaps more serious: You seem to be confusing the statement that $f(f(x))=x$ for a particular value of x with the statement that $f(f(x))=x$ for all x. Suppose (just for example) that you have a function for which $f(3)=-3$. What does that tell you about $f(f(3))$? You know that $f(f(3))=f(-3)$, but you can't conclude that this equals $3$, because we don't know anything about $f(-3)$.
Edited to add:
On the other hand, there is something right about your solution. If you are fortunate enough to find a value of $x$ for which $f(x)=x$, then it will certainly by true that $f(f(x))=x$ as well, and therefore solving the equation $f(x)=x$ can find some of the solutions to a problem like this. But it's not guaranteed to find all of them. The original equation is a 4th degree polynomial, and so in principle one can expect there to be up to 4 real solutions, but this heuristic can only find at most 2 solutions.
In this problem it happens to be the case that this heuristic actually does find all solutions, which seems to me to be a surprising coincidence. I am not sure off the top of my head how typical this is. Anybody want to take a shot at classifying those polynomials $f$ for which $f(f(x))=x$ if and only if $f(x)=x$?