Correct. The Champions Tiebreak is first to 10 instead of 7 and is carried out in the same fashion as an ordinary tiebreak with serves alternating at every odd points.
Is it fair? Yes, if you're good at tiebreaks. No, if you're not good at tiebreaks. Overall, sure it is. On a case-by-case basis, it depends who you talk to. I personally would rather prefer to play another set to decide the match, but with television increasingly dictating match scheduling, the Champions Tiebreak helps with time constraints.