Yes, that is the interpretation.
I've not dissected it myself, but many are also going with the interpretation that you must be licensed by the state in which the school is located. In other words, if you are a WV resident on vacation in NV, your WV CCW permit is recognized here, but your exemption to the FGFSZ is not.
Also keep in mind, that this is completely unenforced in NV and most of the free states unless you are a gang-banger or drug dealer or something.
You can open carry without a permit in these FGFSZ's here, and no one will care (assuming you are not loitering.)