Roughly that, although it uses a Google-developed internal tool. Source code files can be transferred to one's workstation (which lives in a Google building), but not to one's laptop—all work on a laptop must be done through a remote session, either SSH, VNC, or via a (again Google-internal/proprietary) cloud-based editor.
But even those aren't allowed to be mounted to your corp laptop. Those clients can only be mounted on a workstation unless you are doing iOS development.