That's pretty much it. Another trick to help "see" how the airfoil works is to look at the polars for a number of Re's such as we see a lot these days for glider airfoils.

At lower lift coefficients and higher Re's and speed you're working the higher Re curves down near the low drag area. But as you pull that model back towards higher lift and lower speed the lift coefficient goes up while the Re goes down and you sort of "step" to each of the next curves in turn as the Re shifts downwards and the Cl upwards. So for a single model design the Cl vs Cd curve is a single curve that cuts across the other "windtunnel" curves in a way that describes the model under consideration.

It also raises the point that you can't consider only the one curve for an airfoil when applying it to a given model. Saying that you want one airfoil because it has low drag at high speeds ignores the fact that you have to slow it down during landing. At that point the lower Re curves become significant and if there's any bad charactaristics then you wind up with a model that "likes to be landed hot" without ever realizing the real reason started by ignoring that low Re portion of the curves and choosing a bad airfoil in the first place.