Your guess is correct. From the docs bashon my machine:
$ {parameter # word}
$ {parameter ## word}
The word is expanded to produce a pattern just as in pathname
expansion. If the pattern matches the beginning of the value of
parameter, then the result of the expansion is the expanded
value of parameter with the shortest matching pattern (the `` # ''
case) or the longest matching pattern (the ``##'' case) deleted.
If parameter is @ or *, the pattern removal operation is applied
to each positional parameter in turn, and the expansion is the
resultant list. If parameter is an array variable subscripted
with @ or *, the pattern removal operation is applied to each
member of the array in turn, and the expansion is the resultant
list.