Hello Max,
Your understanding is correct. You can initiate the add and remove operations one after the other and the API will only apply that operation to the members available at that point. For instance, if you make a removeAll operation, it will remove all the items that were in the list BEFORE you called the removeAll. All the items added afterwards will stay. So in your case, at the end of the process, only newly added members will remain in your list. Please note that it can take up to 12 hours for the list to be populated with the final list of members. You can find the customer match considerations
here. Let me know if you have any additional questions.
Thanks,
Sreelakshmi, AdWords API Team