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That’s the usual take on it, yup.

http://tenaya.cs.dartmouth.edu/history/bronze_age/lessons/22.html

Because of the paintings in the Egyptian tomb of Rekhmire where the carriers of such ingots are labelled as “men of Keftiu”, it has been assumed that the principal carriers of such ingots were Minoans or possibly Mycenaeans... Vassos Karageorghis, the director of the Cypriot Antiquities Service, feels that the copper industry on Late Bronze Age Cyprus was entirely contolled by the Cypriots.

http://www.varchive.org/ce/baalbek/caphtor.htm

I prefer Cyprus as the biblical Caphtor and the Egyptian Keftiu. If Caphtor is not Cyprus, then the Old Testament completely omits reference to this large island close to the Syrian coast. The phonetics of the name also point to Cyprus. Separately I show that Tarshish was the name of Crete.

https://www.varchive.org/nldag/tarshish.htm

The identities of the first two countries mentioned by Esarhaddon are known: Iadanan is Cyprus and Iaman is the Ionian coast of Asia Minor; the location of Tarshishi, however, became the subject of some debate, for this statement by Esarhaddon is the only time the name appears in any Assyrian text. It was noted that “Tarshishi” has the determinative mãt for “country” in front of it, as do Idanana, or Cyprus and Iaman, or Ionia. The only clue to its location was its being described as a kingdom “amidst the sea”, apparently somewhat farther removed from Assyria than either Cyprus or Ionia... In 1914 D. D. Luckenbill ventured that “Knossos, for Crete, would fit better.” Three years later B. Meissner made a fresh examination of the cuneiform tablet and found that the original transliteration of the name had been mistaken, and that “Tar-shi-shi” was the correct reading.... Had Tarshishi been a city the name would have been preceded by the determinative URU; however, as mentioned above, it has mãt for “country”... Clearly Tarsisi was farther west than either Cyprus or Ionia. These criteria are filled admirably by Crete.