Basically.

In all actuality, I'm not sure how much of the fat stays dissolved in the liquor. Once you let it sit, the fat congeals on the surface, kind of like what you get when you make chicken stock. After skimming it off and running it through a filter, I would imagine that there's a chance that some of the fat sticks around, but not much.

The nice thing is that it gives you that smokey bacon-y flavor without making it feel like the inside of your mouth is coated in a layer of grease.