That is correct. I have the same Z-spar boom and that is how mine is set up. It is really easy to reef. You slack the halyard, pull the sail down until the reefing grommet can be put into the reef hook at the gooseneck then pull on the reefing line you are describing and the reefing clew will be hauled out by the line you describe... then tension the halyard and you are done.Is this the manual for your boat?:
https://forums.sailboatowners.com/index.php?threads/help-reefing.196083/
Page 59 has a diagram which shows a single line reefing. If I understand it, the reefing line is supposed to exit the bottom of the boom through a jammer near the gooseneck. Also looks like the other end is supposed to exit at top of the gooseneck and go up through reefing eye then down to a pad eye on the mast. I see the pad eye in your picture but I don't see a line exiting the top of the boom. :