You've got the basic idea. ILS frequency in NAV1 and runway heading as Course/OBS setting. A few things to point out:

Make sure your fuel load is realistic, like 20% or less.

Approach the ILS about 2000ft above ground. If you're using ATC for an IFR plan they will give you a good altitude for this. Use the autopilot's heading hold and altitude hold.

When the needle starts to move turn on APR HOLD. You can do this earlier if you know you are close to intercepting. The plane will bank and track the localizer.

The glideslope will come down soon afterwards. Keeping your approach speeds/flaps/gear at the right settings, this should all work well. Glideslope tracking on autopilot in the sim is not always dependable. "Shift + /" to arm the spoilers if you're in a turbofan jet.

At 200' above the runway disengage autopilot and autothottles if you got 'em. Visual/manual landing from here.