Yes.
I've been using this description for years so here it is again. If you look at the blade from the end, the two sides meet to form the edge in a "V" shape. Before the bevels meet, the shape is more of a rounded "U" shape at the edge. Honing of the bevels must continue until they meet in that "V" shape along the entire length of the blade. It is the meeting of the two bevels that form the edge; and as you indicated, the bevels are set when those bevels meet.
Also, as you asked, after the bevels are set the next step is to remove the grooves, or scratches, from the bevels. The reason that this is important is because the depth of those scratches can extend all the way to edge where they result in a sawtooth pattern along the edge.
As the bevels are smoothed out by removing more steel from the surfaces of the bevels, the scratches are made more shallow and so the sawteeth in the edge also become progressively smaller. This is honing. Sounds easy, doesn't it? :)