Basically. They're saying the lower courts can't make broad, nationwide injunctions, leaving the Supreme Court itself as the only court capable of issuing those nationwide injunctions.
It's objectively stupid for many reasons. Unless and until the Supreme Court resolves confusion on any issue, each lower court has to do largely redundant work on the same issue instead of just leaning on what was already decided elsewhere. This leaves a confusing mess of different treatment in different parts of the country, unless and until the Supreme Court steps in.
But the Supreme Court often doesn't resolve matters for years, waiting for the right case or managing their own workload. In the meanwhile, this lets an administration like this one, with no regard for the law or constitution, get away with even blatantly unconstitutional acts across the country as long as that particular lower court has decided the issue or at least issued an injunction.
In short, it maximizes the ability of a tyrant to engage in tyranny. Only the Supreme Court itself can effectively stop it.