Hi Afterglow,
Affirm.
We have a similar system on Airbus. When the Beta target is centred, then we have minimum drag due control deflections - but some side slip, so end up with a constant bank into the live engine(s) to maintain heading. The effect is due to the asymmetry of the thrust line being balanced by the sideways vector of the displaced rudder. The sideways drift causes one wing to generate more lift than the other. (swept wings)
The slip target is a different function and colour - with zero slip the wings are level and heading is constant.