What you describe is a minority of PCB's made today as surface mount component PCB's dominate. There are multiple processes and evolution as technical needs advance. That process is only used if the final metal will be coated with metals that also acts as an etchant resist, like nickel followed with gold, tin, or tin-lead. Tin-lead is quickly going bye-bye due to RoHS regulations. Gold plating, besides expensive, is a no-no for surface mount component pads because of gold intrusion into solder causing it to become brittle. Pure tin does not have good solderability.