NEAL, Yes, that is correct. Few more points of information:
After starting engine, Ammeter will immediately show big deflection to + side showing high rate of charge. Within a 1/2 of - to a minute or so, if Alternator/ voltage regulator combo is working properly, the charge rate reduces ( needle comes back toward center of gauge) as the/ a GOOD battery recoups the initial starter drain from the battery.
Same gauge action as when you turn on headlights! Activating bright headlights, you see same behavior of gauge. Why Ammeters were used in old cars. Give more information than a Voltmeter.
Voltmeter will show instant charge (say 12v to 14v) & headlight draw will drop Voltage until charging circuit kicks in & raises power output, resulting in higher Voltmeter reading ( should be within 5-15 seconds).
One additional knowledge point on Voltage Regulators:
The Voltage regulator ( before electronic circuitry) was basically an electromagnet switch. As Generator came online, activating the contact points switch and activating the 'System Circuitry' yo run from the Generator ( or Alternator), a magnetically induced coil of fine wire 'regulated' the Voltage charge returning to the battery.
40s, 50s, 60's Chrysler/ MOPAR Cars had a Voltage Regulator that just 'Regulated Voltage charge back to the battery. Same as the Delco-Remy Voltage Regulator on the Autolite Generator on my 36 Packard.
Starting with the 61-63 GM BOP compacts, the Voltage Regulators had an additional coil subcircuit that also Regulated Amperage.
Then by the 80s Most manufacturers of Alternators built in Regulating Diodes thus eliminating a separate 'Voltage Regulating components of 'The Electrical Charging System'.
I encourage you to keep asking questions! Electrical Circuitry, whether Charging systems, ignition System, or any accessory component systems - that may seem 'complicated are just like anything else in Life- One doesn't know and then one learns, either by discovery or someone that does know- Sharing.
Once ya know, ya know= Simple!
Sherman
( Served Career as Educator/ Administrator for 45 years).
Why I Luv the cars we grew up with- All Simple- No Computers. ( OK sometimes Even Chrysler Electronic Ignition boxes fail- usually from Subfreezing 'Polar Arctic Temps' - like happened on my 63 Imperial- twice in past 5 yrs).