Yep, that's right.
In a nonrotating frame of reference, where your axes are fixed in space, F=ma.
In a rotating frame, where your axis rotate in space, F - F_cfg = ma, where F_cfg is an apparent force that contributes to the mass's acceleration in the rotating frame only.
This term appears because a, the acceleration of the object, is now being measured with reference to a rotating set of coordinates rather than a fixed set. When you transform from fixed to rotating coordinates, a few interesting new terms are spewed out of the equations of motion. Like F_cfg, which is not a real force. The centrifugal force is just the force that would ordinarily explain the weird motions you see because your reference frame is rotating.
In addition to the centrifugal force, the Coriolis force is also spewed out (applies to moving objects), as is the lesser-spotted Euler force (which only appears when the rotating frame's spin rate changes). You can derive them all if you start with a rotating reference frame, (x',y') = R(x,y), where R is your time-dependent rotation matrix, and try to derive the velocity and acceleration of an object with position vector u(x,y) in the (x',y') frame. They all just spew out.