Yes, that is correct. If you want to scale the tempo knob you can change the numbers at the top left of the [pd metronome] sub patch.
The tempo knob (like all the knobs) goes from 0 to 1. Currently it scales this to a BPM from 50 to 250. If you wanted it to start at 1 BPM, change [+ 50] to [+ 1]