It's only three steps because you are making it three steps. Close your eyes, lift your phone and press the home button just as you would before this feature change in iOS 10. Open your eyes and you'll be at the springboard.
If you don't want to see notifications you don't have to raise and wait for the screen to turn on, you don't have to rest your finger on the home button and wait for it to unlock, then press the home button to get to the springboard board. Just pick your phone up and press the home button, doesn't matter if the screen is off or has already turned on because of raise to wake, if you press the home button and leave your finger on for that fraction of a second it will go to the springboard.