Lol ye that's exactly what it means!
Although there are a few different campuses...each one accomodates for different areas of education. For example mine was the Byron Street campus which was for Pharmaceutical and biomedical related degrees. Your campus would be specific to journalism so I'm sure you won't be having to go from one campus to another.
Liverpool like any other city has its bad areas and good areas. I've never experienced anything bad and the city is safe overall. I've probably felt less safe in my home town of Manchester than in Liverpool! So wouldn't be too worried about that.
And public transport is available all over the city. Its easy and quick and a lot of people use it. A lot of buses run late into the night aswell so that's a plus.
Hope that helps.