yes, that is basically how you accelerate quickly, but not how you accelerate efficiently.
To accelerate efficiently (in a general sense), you have to know your engines bsfc map, and keep the engine load right (about 80% very roughly) and center your shifts on bsfc peak rpm, say 2500 rpm but do your own homework (and post a pic and some details if you find a map for your vehicle)
Brake Specific Fuel Consumption (BSFC) Maps - EcoModder
Cruise is the same philosophy, you want to be at the bsfc peak, but most vehicles have engines that are waay to big for optimal cruise, so various detuning strategies might help (i.e. advance the intake cam)