Correct. A way to think of this is that things like the filter and envelope generator are set for each note of each track. But the combined sound of all the tracks is then sent through separate reverb and chorus effects units, so that you cannot have a separate type of reverb or chorus for each track. You can have a separate level, however, because you can set essentially how much of the signal/sound of each track goes through the reverb and chorus, versus bypassing it.
One thing I've wondered is what the keyboard does if you do try to record tracks with different reverb or chorus types. I assumed that it just applies the most recent setting you used for whatever track you just recorded to all existing tracks of the song, but maybe it does something else, such as just revert to whatever was used on track 1 or something like that.
Another important feature, and something else that makes these keyboards very powerful for the money, is that the melody tracks can record both the main and the dual voice (but not the split voice). And then, the settings discussed above (like filter and envelope) can not only be set independently for each track, but also for the main and dual voices of each track! This is noteworthy because that other portable keyboard company (*cough* Casio *cough*) has keyboards where they advertise a "17 track" sequencer, but all but one of those tracks can only record the main voice (what they call "Upper 1"). Even the new CTS-500 and CTS-1000V models, which have a 6 track sequencer kind of like the Yamahas, limit 5 of those tracks to recording just the main/Upper 1 voice.
To me, that is a serious limitation, because using the main and dual voices (or on the Casios, Upper1 and Upper2) and combining them is a great way to get a complex, professional sound -- similar to using dual VCO's on an analog synthesizer. So, if you cannot record that entire sound, it really limits how complex your on-board sequencer recordings can be. Of course, you can always just forget about the onboard sequencer and just record to a multi-track DAW, but I like being able to get most of a multi-track recording done on the keyboard itself, and then use the DAW to add extra tracks and effects.