Correct... but that doesn't change the fact that it's still a huge waste of time, money and ATF.It is the easiest way to obtain an almost complete fluid exchange.
Unless you really need to get all the old ATF out in one shot in the least amount of time possible, doing an ATF drain/fill every few thousand miles while you're already under there doing an oil change is by far the most economical thing to do as far as time and materials go, and you're at least getting some of your money's worth out of the ATF you put in earlier. Do that a few times and you're good to go.
Repeated ultra-short ATF drains/fills is on the same logic level as using PYB and a cheap filter for 1k miles thinking it'll clean your engine.