Yes, that's correct, the spring holds the fuel inlet metering needle valve rubber tip closed against it's seat until the vacuum negative pressure pulls the diaphragm inward into the fuel chamber against the metering spring and the fuel metering valve is opened by lifting the rubber tip from the inlet seat. Fuel flow is regulated at low speed by engine vacuum acting on the rubber diaphragm, at high speed the diaphragm is exposed to full engine vacuum so the metering valve is almost always full open and has lost regulating effect. So the pop-off is most important for regulation at low(er) operating speeds, and the condition of rubber tip is important for fine regulation. measuring pressure required to push rubber tip from the seat (against the spring) is called measuring pop-off pressure and is the gross method to get a rough idea of pressure/spring balance.
The pop-off should be repeatable, otherwise the valve is sticking. Serious racers will polish inside the brass metering needle seat, polish the valve needle top, the lever arm(item 15, both ends) polish the center diaphragm button item 16, and polish the pivot pin item 14, to ensure regulator operation repeatability.
Here's a link to another carb manufacturer's manual, for a similar design carburetor:
http://www.walbro.com/media/21907/WTseries.pdf