Hi,
Yes, that is correct. The addition of a keyword with the same combination of text and the match type in an ad group will not result in an error, instead it would update the existing keyword with the values provided in the request.
Using the SET for update operation would be the right approach as in that case you will be ensuring that the right keyword is being updated and you would be passing values for only those attributes you want to update.
Thanks,
Shwetha, AdWords API Team.