Yes indeed that would be the long form. However it not need be so involved if one chooses as I do and includes full idle cut off with all types and with the racers down elevator:
To confirm failsafe enabled, no need to run engine just turn on Tx and Rx then turn off only the Tx and watch/listen throttle has closed. That's it.
In the case of a turbine just lite up and after ramp up and running indication on the GSU just turn the Tx only off The engine will shut down if failsafe is enabled.
Many Contest Directors in pylon now require a simple demonstration as above during tech inspection that the throttle barrel closes when the Tx only is switched off.
John