Yes, that’s essentially it. It IS tricky to visualize, because as the video illustrates:
• we spend life certain we’re not being pushed upward
• we’re not accustomed to picturing scenes from a point of view that’s expanding, or comparing that to a view that isn’t expanding

We strongly prefer to think of ourselves, lengths, rulers, and our planet as fixed in scale — that’s the definition of a rigid object! But Einstein insists that’s not the case. We assume satellites’ paths curve toward earth, never that our viewpoint might be expanding. But the view that fits our measurements better is the unfamiliar non-expanding view where the surfaces of massive bodies stretch.

It seems the best we can do is compare the two views: the satellite moving in a straight line alongside the expanding surface, versus the satellite’s path curving around the mass. The accurate one is unfamiliar and less intuitively plausible. As you say, it IS heady! I’ll be making some even better diagrams and videos.