Precisely.
Also, the vacuum is trying to pull air down past the compression rings, so they seal better against the cylinder walls, meaning less opportunity for "blow-by" in either direction. Less combustion gasses leaking into the oil, less oil in the combustion chamber, less compresssion loss before combustion, etc.
So basically, it's a combination of small boosts that end up being a decent boost in HP, and, at least in theory, economy.
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