Yes, that's correct.
There are choices in the AUX Switch assignment menu called FS1, FS2, and
FS3. When you assign an aux switch to any of these, then that aux switch will do
what the corresponding onboard footswitch would do in the opposite performance
mode. This is so you get both modes at once.
For example let's say you assign RING to FS2. In Bank Mode, your "ring" aux
switch would control Repeat and in Play Mode your "ring" aux switch would select
Preset 2 of the current bank. It automatically changes function based on what
mode you are in.