Yes you've got that right! We also say things like 'ooh, it's a bit chilly!' when actually it's cold enough to freeze the you-know-what's off a brass monkey! :lol:
And with regards to our famous weather, in Yorkshire they'll say 'it's a fine, soft evening' when actually it's chucking down with rain. In Ireland they say (this might be an urban myth because i never actually heard an Irish person say it!) 'there's not a lot of wind outside but what there is, is blowing awful hard'! Also when you ask for directions, they are reputed to say 'oh, I wouldn't set off from here' :shock: