Correct.
The three 12V and GND wire pairs are for safety reasons as each ATX, PCIe and CPU connector pin is only safely capable of caring max 6 amps or 72 watts @12 volts.
The three 12V and GND wire pairs are for safety reasons as each ATX, PCIe and CPU connector pin is only safely capable of caring max 6 amps or 72 watts @12 volts.