someone remind my senile brain... Handicap for most of us is a time-on-distance thing, right?

So if I have a PHRF of 87 and the boat next to me has a PHRF of 80, he has to sail more 7 seconds per mile faster than me to place ahead of me on corrected time?

And if he is sailing 6.0 knots my target speed (assuming we sail exactly the same distance) would be 5.5 knots (my PHRF is 8.75% slower so 6.0 kts x 91.25% = 5.47 kts)? And this would give us an identical corrected time?

So then, if I can achieve my target speed successfully around the course, my mad sailing skilz would focus on sailing a shorter distance and having smoother transitions (up/down) than my faster PHRF competitor?