This is mostly correct. One additional feature is that it can back feed when the grid is up. This allows you to save money on your energy, charging when energy is cheap or from solar and discharging when energy is expensive.
Even with solar panels, you have to have the right equipment at your meter and in the first box connected to the meter, in order to backfeed power to the grid. You can’t just slap random gear inside your house and have it start feeding current back. That would violate the National Electric Code (NEC) and could get someone hurt or killed if they thought the power was out but your equipment was providing current back onto the lines.
