Not exactly true.... but kind of....
The way it works is exactly how it reads.
You can add a Restrict IF or an Allow IF... whenever either fails it goes to the next line untill the first criteria passes. Then it responds by restricting or allowing based on that rule and doesn't check the rest of the rules.
So it isn't an OR... it is a linear progression from one to the next until a response is triggered (the response being allow or restrict).