Correct.
Throughout U, V corresponds to the Bezier surface parameter -- which depends on how the surface was constructed.
Most user-facing uses are U,V on a scale of [0,1]. In the code, W is often used instead of V for $reasons.
Inside the code, U,V runs on a scale of [0,N] where N is the number of cross sections -- and V runs [0,4] in almost all cases. Inside code, the U variable will often be written U01 if it is in the user-scale.
Somewhat recently, U [0,N] was exposed to the GUI as an option. That way (in the places that support it), you can set U0N = 4 and it will always correspond to the 4th XSec -- even if XSecs are added / deleted.
There are other component local coordinate systems that are used other places, but these did not exist when FitModel was developed.
R,S,T is a volumetric set of coordinates. R behaves the same as U.
L,M,N is a volumetric set of coordinates, but L is scaled to be linear along the length of the object.
eta,M,N is a volumetric set of coordinates (only on wings) where eta is the fraction of the span measured perpendicular to the construction planes.
Rob