Yup, that’s correct! If you are thinking of using GoDaddy for your hosting, then you just have to map your domain here, not transfer it. If you transfer your domain to WordPress, then WordPress will look after your renewals etc. from here on, not GoDaddy.
Hold on, because if you want to HOST at GoDaddy, you don’t pay anything to WordPress.com. You don’t map the domain here at all. WordPress.com is a hosting company, like GoDaddy is. Choosing to host at GoDaddy means using the open source WordPress and not WordPress.com.