Correct. As the FETs can conduct current in either direction when they are on, it either operates like a buck or a boost, so in one mode the top FET is a switch and the bottom FET acts like the diode (buck, motor driving) and the other mode the bottom FET acts like the switch and the top FET like a diode (motor generating, boost back to the battery).
As another example if you put a 2 FET synchronous buck converter between a 24v battery and a 12v battery, and run it always at 50% duty, current will flow (in either direction) from the more charged battery to the less charged battery, keeping the 24v and the 12v always in that 2:1 voltage ratio. So you can charge either battery and it will charge both, or load either battery and it will drain both.
Some of the high-end solar products do bi-directional 24v to 12v battery bank equalising using that basic technique.
Scaedwian, I'm curious how that's going to work? The h-bridge FETs will conduct using their integral body diodes and will deliver current back to the battery in boost mode, which again will be regen braking. Unless you have a big load resistor or something there's nowhere for the bulk of the braking energy to go than back into the battery?