Yes, shorty, you've got it. When grey iron is poured, you can either get the regular grey iron everyone is familiar with (rotors, engine blocks), or chilled cast iron that is high in cementite. It all depends on the cooling rate in the mold during cooling. Both use virtually the same metal chemistry.
Hydraulic tappets are popularly made of chilled cast iron. The matrix has around 50% cementite. They are cheap to make and highly wear resistant. 25 years ago I made some prototype gray iron camshafts that were selectively chill-cast at the lobes. It made for a camshaft that was hard where needed (cementite-rich at the lobes), yet the rest of the camshaft was soft for high-volume production machining.
Martensite results from a hardening process where carbon steel is heated to an orange-hot temperature, then quickly cooled (quenched). It differs from cementite because cementite is produced by fast-cooling from liquid, whereas martensite is generally produced by fast-cooling orange-hot steel. Each has a unique microstructure.
There's a lot more to this, but I'm trying to be as simplistic as I can to explain this difference.