It sounds like something like that. Oracle has also announced something similar, we could end up with a really weird situation with SUSE, Oracle, Alma, Rocky on some sort of collaborative Enterprise Linux distro base and Red Hat playing catch up or on the outside.
An interesting thing I wasn’t aware of until I saw a comment on HN: the SUSE CEO just started there in May after 18 years at Red Hat. That’s not bad experience for such an endeavor.
Edit: I hadn’t read SUSE’s actual press release close enough. They are already collaborating with CIQ/Rocky on this.