Yes max continuous, 70% means 5 months off over the winter to sit at home bored. You'll probably have to do your annual ground school refresher and 6 monthly sim during that time, making it harder to get a fill in job. I recall a figure of 300 hours are allowed to be flown at another airline during the 5 months off. Those on 100% will cover the winter programme, depending on how many are left to do so.
Newly promoted Captains who have been forced onto 70/80% contracts were given a couple of flights a month over last winter to keep their hand in. Whether the same would happen with low houred pilots, who knows?