This is correct. Above 40.8v, you have 100% available on tap.
From 40.8 to 35, the available battery current will linearly decrease, until there’s none available.
You can still ride it in that range, but the lower it gets, the more sluggishly it will accelerate until at some point, it basically won’t have enough power to move at all.
The farther apart you set the two cutoffs, the more gradual the process will be.
If you set them really close together, the cutoff will be more abrupt - you’ll have plenty of power, until you don’t, and then you will have no power.