Yes, that’s how it is explained in the tutorial. You can also check the exact wording of this ability by tapping on the highlighted text on the card. There you will see the same explanation.
Last/First is unintuitive to me as it relates to the graveyard.
My current understanding is “Last” in graveyard terms is the bottom of the list and thus the oldest card whereas “first” means the most recent addition to the graveyard list.
I often think of it as the other way around where first would be the oldest, but that’s not apparently the case.