That's correct, though there was plenty of other asm and bit level evil graphics voodoo that made quake able to run so fast on consumer hardware a few generations earlier than if they were stuck using slower division:)
The most notable trick in Quake I (at least IMHO) is the triangle rasterizer line-loop which schedules the divide needed for perspective-correct texture mapping to the FPU so that this expensive divide can run in parallel to pixel-span rasterization on the integer ALU. To my young brain who's only done 8- and 16-bit assembly on simple CPUs before this was nothing short of rocket science :)