Yes, that is what happens.  But that does not explain why Ebay says they will display notices on listings suggesting you "Add the listing to you watch list", when the only people who can view them are the people who already have them on their watch list!  

That is contradictory.  

Surely, seeing as you are still made to pay for your store and listings and everything, they should actually still appear everywhere, if you choose them to, and ONLY block people from buying.  I can remember once years ago trying to buy something on Ebay, and it blocked me from buying with a note to that effect.  I can't imagine any store being happy to keep paying all the fees, and not even get items displayed so buyers can put on watch lists to buy on your return date.

It seems that they need 3 options - Hide, or Block from buying, or Buy while on holiday and expect delay.