Basically, that's right. However, a multi-weight dino oil has a bunch of additives (VI improvers) that make it a 5w-30 oil. However, those additives break down with usage and, in as little as 1500 miles, that 5w-30 oil becomes a 5w-25 or maybe a 5w-20 oil a little later.
A synthetic oil, on the other hand, doesn't use many or any additives to become a multi-weight oil. The molecules are custom designed and manufactured to give it the 5w-30 viscosity-----------and it stays at or near that viscosity throughout its life.