That sounds about right. You start on higher heat, that opens up the pan’s “pores”, it absorbs the oil or butter in those “pores”. Then you hit it with some water and briefly wash the pan out so you don’t have to have burnt butter or smelted oil in there (it may not be necessary for oil that doesn’t taste nasty after smelling, so things other than olive oil and butter). Then you add another smaller coating for flavor, and lower the temp and cook like you would on Teflon.
On my induction hot plate, I start it at 5.0, put a largish pad of butter in, wait for it to brown a bit. Hit it with water and wash the butter out. Then turn the hot plate to 4.0 and put a smaller pad of butter in.
I just fried an egg like this today for my burger (bigger story I don’t usually eat crap like this) and it was nearly like Teflon. I could flip the egg without a spatula if I wanted.