Yes. And you correctly dissected the clean (no vertical mode change) / flaps out (SRS-GA) scenario.
The last finishing touch is
if you had flaps out
is actually "flap lever not in zero". But for the discussed case the distinction is not relevant.
Note: the SRS-TO on the ground (or 5 sec after liftoff) apparently needs "The slats or the flaps are extended". But this may be also governed by the lever position, except the FCOM author here did not need to assume various flaps/slat locked, system / control malfunction or auto-retract scenarios.