Pretty much although I don't know much about it in jets. Basically the plane is in a "flat spin", the plane is falling in a flat stall with no forward motion in a rotation.
This is a manuever thats performed by using full rudder, full elevator (up or down depending on inverted or upright) with a little aileron to flatten the wings.
Throttle is used to bring the nose up and keep it from dropping into a dive.

Certain planes can exit and enter these fairly easily. Some planes (those with a short tail moment) will almost never come out of a flat spin.