That is exactly what it means.

Did you recall the Presets and study how it is applied:
Electric Piano: “Rd Soft Touch Wah”
Clavinets: “Nu Touch Clavi”, “Clavi Touch Wah“, “Clavi Touch Wah 2”
Guitars: “Mega 60s T.Wah&Dist”, “Mega1coilVCM T.Wah“, “Touch Wah AF1”
SynComp: “Mr Wah!”

Those with Arps are easier to hear because you can just listen or use the [AUDITION] button... some times listening *sound* different from when you are playing it...

Extra Credit: Experiment
“Clavi Touch Wah”
The “VCM Touch Wah” is PART 1, Insertion Effect B
The Super Knob is moving Common AsgnKnob1 which is moving Part AsgnKnob1 which sets the Input Sensitivity.... the higher it is the farther the Filter will open when Velocity is applied.

Drop into Part 1 Edit and navigate to “Effect” > “Ins B”
Change the Direction from “Up” to “Down“... play with varying velocity... this will give you a good idea what to listen for...
Then while “Direction“ = Down start to lower the value for “Upper Range”... if you set “Upper Range“ to 0, you’ll naturally hear no Wah

The converse is also true, if Direction is Up — the “Lower Range“/“Upper Range” difference determines the Wah movement. Set improperly you get no Wah to the varying key touch velocity.

If you navigate to the Part 1 Control Set:
“Mod/Control” > “Control Assign”
Set Auto Select active (green)
Move the Super Knob
This recalls the “InsB Snstvty” assignment
You can see the Ratio and Polarity are +10 and Bi, respectively