Yes, that’s correct - or, more accurately, it will render the image using information stored in the RAW file by the camera that captured the image (which, as @zkarj found, may not be exactly the same as the
result from one of the “Camera Body” selections - as they are, typically, for a group of “like” models).
The purpose of this tool is to allow one to, say, force images from different cameras to be rendered in a common manner … For example, I have both Sony & Olympus cameras - and I render all images using the “DxO ONE” rendering (which I find quite pleasing for my needs).
John M