Yep, that's correct!
However, it's also worth noting that you will need to use Safari for this. If you have set a different browser as the default, you'll just have to copy and paste the URL.
Once you tap on the open with launch AR button, you will be redirected to a different page, which presents you the option to install the Launch AR app if you don't already have it installed, otherwise it will give you the option to open it in the app.
That's also intended. It depends on if the device supports Augmented reality.
For PC and Mac, you will see the QR code, as you can't use augmented reality on those platforms.
For Android and Quest, you will see a button that says View in AR, as augmented reality is supported directly in the browser.
Where as for iOS, at least on the newer models, you should see a button that says Open with Launch AR.