Yes, this is correct.
Here’s what IK says on the White2A product page:
IK Multimedia wrote: When driven harder it gets personality out of them, also thanks to the tube output stage and its harmonic enriching effect.
[…]
Bass looks like another good candidate for this module, where wide dynamics are gently kept under control with the subtle yet very pleasing harmonic saturation courtesy of the tube electronics.
They’re not going to be advertising it as such if they didn’t model the “harmonic saturation of the tube electronics.”
Plus, this is T-RackS, where the ‘T’ literally stands for “tube.” Modeling tube saturation is kind of their thing.
And finally, I took a look at it Plugin Doctor, and there is definitively a lot of harmonic activity as you increase the gain.
I figure the UAD saturation has to be really overhyped. It’s pretty common to see in plugins. Waves used to be very guilty of this as well. I think it’s because users are expecting the plugins to do a whole lot more than they ought to, because they think that makes them sound “analog” and “vintage.” But in reality, it makes them sound cartoonish.