Yes, that is my understanding of the system. It is, in effect, an autonomous 'wing relieving' system specifically for the tactical role.
If you look at any of the A400M display videos out there, the penultimate manoeuvre before the 120 degree wing-over at the conclusion of the display is a 3G pull-up.
Interesting. I wonder why they chose this route to achieve 3G maneuver capability. The C-17 has 3G maneuver capability without resorting to a wing fuel transfer system. Indeed at lighter weights it is cleared for 3.5G maneuvers. And that's with an "old fashioned" aluminum wing, not the high tech composites of the A400.