The usual way is to hold the pedal down to sustain one chord, then play the next, and after that next has been played, change pedal. Rather like the sign shows - the 'pedal up/down' comes directly after the next chord is played, not before or as it's played. Slowing it all down a lot will allow understanding of the actual timing - it's an aquired art !
By cancelling that pedal before playing the next chord, there will be a slight gap in the sound.Which really isn't what this kind of pedalling is about.
Holding the pedal down for a whole bar here is not a good idea - the different harmonies will bleed into each other, making everything sound muddy and confused. Hence the pedal sign for each chord.
Half pedalling would be an option, but here, with 'ff' shown, extra volume would be afforded by using full pedalling.
EDIT: - just realised OP thinks the pedal actually stays down for the whole phrase! Then changes and is down for all of the next phrase. No! That's NOT what the (simplified?) dots say.They say, as earlier in my answer, to re-pedal every chord. Note the arrow heads in the pedal markings.