That's basically the idea, yes. If you've heard of #fbterm or the old #kmscon that used to be part of #systemd (but was quietly removed from it several years ago, with far less fanfare than when it was originally added) it's the same sort of idea, but structured significantly differently to and more flexibly than those two.
http://jdebp.info/Softwares/nosh/user-vt-screenshots.html
http://jdebp.info/Softwares/nosh/guide/user-virtual-terminals.html
I have version 1.41 in development, delayed because of a planet-wide pandemic and Brexit. (-:
Finished my #dvtm - terminal window manager #abduco - terminal session manager, #fbterm - terminal #w3m - browsing, #less - PDF viewer, #epy - eBook reader, #surfrraw, #ddgr - search, #mpv - video player, #mpd - music. No X at all. Bliss, if only the console had recognized the super key.....Thanks again to all the users and devs for keeping up the "do one thing and do it perfectly" *nix philosophy.