Yes, that's the idea. It then tapers off depending on many conditions.
Have a look at Robert's explanation and replies in both of these links, he goes in depth what the algorithm does and how it behaves.
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I like the new PBO on 3rd gen, it's more flexible and the best way to overclock these chips.
So that's 4.9GHz max boost clock for the 3950x with PBO on, a suitable motherboard, and an adequate cooling solution. A little motherboard trickery as with PBO parameters on second gen parts gets that to 5GHz for lightly threaded workloads.
+200MHz across the board for the max boost clock and a similar boost for the average clock speed, simple as toggling a BIOS switch. Gotta love that, and the fact that now we have control over the max clock. No bclk overclocking needed...