Yes you are correct, however in my experience the less pumping of the pedal you do the better. I mentioned earlier the risk when you push the seals down further than they normally go, with normal braking. On a worn master cylinder where there is a wear ridge, it can be enough to damage the edge of the seals and “finish off” the master cylinder. I have had that happen and that is why I would always prefer the pressure bleeding method. Ok you could argue that if the MS is that badly worn, it is time to replace it, and yes that is a valid point.
I am always conscious of not pumping too much of the old dirty fluid around the system and through the ABS unit etc. and therefore try to take out as much as possible.
I do a bit of work on BMW motorbikes which are very sensitive to contaminated fluid in the ABS unit, and in that case it is highly recommended to remove as much of the old fluid as possible to avoid it being flushed through the valves in the ABS system. I suspect that in the car application as well as the bike, the fluid which has absorbed the most moisture (and therefore the worst contaminated) will be the fluid in the reservoir.
As I said at the start of this subject there are a number of ways of doing this job and everyone will have their own ways of doing it. I apologise to Doug that following his simple question regarding “how much fluid is required” - that I may have made what is a simple job, sound very complicated.
Whatever method you use, it’s really very easy, do it carefully and methodically and you will have no problems. Happy bleeding!