LCJ, as I understand it, you are correct.

However, as I understand it, without intense activity (anaerobic), you don't get an anabolic response, so you get no stimulation for muscle repair and growth. This means your metabolic rate is not increased after the low-level cardio, whereas it is after heavy lifting. So you'll burn a little bit of calories (hopefully, fat) but it won't continue after you're finished.