Pretty much, yeah. Such an entity would be somewhere around a K4-K5 on a expanded Kardashev scale. This type of being would be able to create localized spatial-temporal disruptions but not a lot else. For every interference a Q makes, alternate scenarios spawn that are not interfered with by Q. In the case of a K1- species, a Q could theoretically create an alternative timeline for a war and bring about a more compassionate result.