Yeah that is generally how they work, plus or minus some bells and whistles. For simple looping the Ditto X2 is popular, and it has reverse/half speed as well as looping. Some (pigtronix infinity) offer midi sync if you want perfect loops. My favourite stompbox looper is the Eventide Timefactor, which gives you smooth or quantized repitching, lots of overdub options and realtime access to the loop position and window size. Check this thread for more suggestions:
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