yes - you are right.
the other example is a mehran, no bypass port - it just relies on the principle of "energy transfer" meaning when the thermostat opens up, hot water is ejected into the colder region i.e. the radiator, its replaced with cooler liquid which is being moved by the water pump, thats how it maintains a temperature and that is why the coolant intake pipe from the radiator to the water pump needs to be in tip top shape - otherwise the engine will overheat because cool coolant cannot flow fast enough into the engine.
and the above is why the earliest cars like the ford model series had no water pump at all. they just relied on the thermosiphon principle.