Hey Chris,
Yes, that is correct. Passing the CAD test will give you an unrestricted class 1. As far as I am aware, you would then no longer need to do any further colour vision testing. It's still only the UK CAA that has approved the CAD test.
Just so you know, the CAD test is pretty hard and it is significantly more difficult than the YouTube video shows. I thought I'd breeze through it and I was pretty dejected when I found out i'd failed (Deutan 8.28 at the CAA, resat at City Uni- 6.6 average!). I found my score improved when I got into a rhythm with it and tried to 'zone-out' a little.
Best of luck!