Yes, that's the case with only one cable, but the cable from the retrieve winch has quite a lot of drag, and as soon as the driver on the main winch cuts the power, the cable back releases, then both winch drivers wind cable in until the two cables (joined near to the cable parachute) land. Then the retrieve winch driver pulls the cable back to the launch point.
It's actually easier for everyone if the main winch driver controls the launch speed and release, and the pilot controls the attitude.
It's not quite the same as with a single cable. In that case the pilot normally releases the cable, after releasing the stick back pressure.
I did spend a season driving a winch with the retrieve system described, so have some slight idea how it works. I'm in current winch launch practice from the glider end, too.