Yes that's exactly where I always get dropped off and picked up, and I've never had any issues as long as it takes no longer than a minute or so. As you approach the roundabout there is an area of the road on which is hatched off, adjacent to the apron where the Ryanair aircraft park.

Ideally you want to get picked up / dropped off just before the large bollards on the pavement start, as they may impede you if your 'chauffeur' stops that close to the roundabout.

If you click on the Street View link above kindly provided by strowger, and follow Ringway Road down to the roundabout where Parade Road goes off to the right (and Terminal 3 is straight ahead) you'll see what I mean. Hope this helps.