That is pretty much correct. You are really only setting an off point for the controller meaning you set the minimum pH level which we will say is 6.6. The controller will keep the solenoid powered on for anything above 6.6 and when it hits 6.59, it will shut the solenoid off. In my case, I have mine set to 6.6 but that's as a fail safe. My target is 6.65 and it never really drops below that and it doesn't drift higher than than 6.75.
I judge my reactors effectiveness based on the parameters in my tank. If my Ca or Alk were low, I would simply increase the effluent rate/flow through the reactor and adjust my Co2 rate to maintain the same pH. If it were high, I would slow the effluent rate down and slow my Co2 rate to maintain the same pH. That's the beauty of the masterflex. Push a button and increase the flow in very very small increments which give you incredible control over your Ca and Alk. It also bodes well for the Co2 tank because the consistency in flow coupled with the Co2 consistency means you aren't even wasting Co2 and the tanks last a long long time. I've coming on on 12 months since I filled my 20 pound Co2 tank and it's still reading about half full.