Yes, that’s the case.
It depends, I was myself used to Photoshop and Illustrator, but when I saw Affinity did it the other way around, I was immediately convinced that the approach of showing clipped layers below their mask is more intuitive to me.
So not all software do it the same way. I do think, Affinity did this, because you can put raster content inside a vector layer (mask) this way. Whereas in Photoshop, vectors always seemed to be bolted on and were rather limited compared to even the basic Illustrator toolset.