Exactly.
If, for example, your front sprocket is a 14 tooth, then your gear ratio goes from 3.14 to 3.29 by going from a 44 tooth to a 46 tooth rear.
Front to rear ratio is generally about 1:3, so the extra 2 teeth at the rear is not quite as dramatic as a 1 tooth reduction on the front.
Most people go the cheap and nasty way of dropping a tooth on the front, but the decreased radius puts extra stress on the chain, and the output shaft. Downside of adding a couple of teeth to the rear is often you have to get a new chain with an extra link or 2 as you often don't have enough adjustment available.