Yes, it would work like that. Moreover, the adjustments concatenate. In other word if a node darkens an image to the point of blackness, the following node can restore the original brightness.
That being said, the new photo editing functionality of DaVinci is not the smoothest. The DaVinci app is a bit of a Frankenstein. The editor is a development laid on top of the original DaVinci color app. The audio page (Fairlight) and the VFX module (Fusion) were purchases which were acquired and 'glued on'. Moving from one to the other can be clunky - though not as bad an experience as Adobe's dynamic links.
That being said, the new photo editing functionality of DaVinci is not the smoothest. The DaVinci app is a bit of a Frankenstein. The editor is a development laid on top of the original DaVinci color app. The audio page (Fairlight) and the VFX module (Fusion) were purchases which were acquired and 'glued on'. Moving from one to the other can be clunky - though not as bad an experience as Adobe's dynamic links.