That is correct. The updater project builds a target named `UpdaterSetup.exe` - the metainstaller, which, when tagged or run with the appropriate arguments, forwards the arguments to `updater.exe`, which results in running the program with arguments similar to what you've passed by hand.
Side note for terminology: the mini installer is a program which is built by Chrome and installs Chrome. The metainstaller is an updater target, which installs the updater and the application specified by the tag or command line arguments.
The metainstaller contains `updater.exe`. You don't have to provide `updater.exe` to the user.