correct, alot of guys that have lightened flywheels, and all road racers heel-toe, it keeps the engine in the rpm range for power, and close to where you want it to be for the gear and speed, so you don't waste time revving back up to that rpm, and it also prevents the car from slowing/jerking, when downshifting, allowing smooth braking transition. It's pretty hard to do right, but if you've ever driven an old stake truck with no syncro's you learn pretty quick.
you brake with your toes, and blip the throttle with your heel.
Look up clips of "le mans" with steve mcqueen online, you'll see what we're talking about.