Correct.
Luminance for detail, and then red, green, blue, for colour, and you can add hydrogen alpha in there, too for some extra detail (typically mixed with the luminance or red channels at varying opacities).
So, it takes you 4 or 5 times longer to make an image. : )
Then, there's narrowband imaging with sulphur II, hydrogen alpha/beta and oxygen III to create images in the Hubble palette.
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