Yes, that's how it's described in this talk transcript:
https://asciiwwdc.com/2017/sessions/715
Let’s say for simplification we have three metadata regions that report all the entirety of what the file system might be tracking, things like file names, time stamps, where the blocks actually live on disk, and that we also have two regions labeled file data, and if you recall during the conversion process the goal is to only replace the metadata and not touch the file data.
We want that to stay exactly where it is as if nothing had happened to it.
So the first thing that we’re going to do is identify exactly where the metadata is, and as we’re walking through it we’ll start writing it into the free space of the HFS+ volume.
And what this gives us is crash protection and the ability to recover in the event that conversion doesn’t actually succeed.
Now the metadata is identified.
We’ll then start to write it out to disk, and at this point, if we were doing a dry-run conversion, we’d end here.
If we’re completing the process, we will write the new superblock on top of the old one, and now we have an APFS volume.