Hey Tyler,
Yes, what you stated above is correct, but in addition to that I would be using it for in/out of the AES engine, in/out to SDRAM, in/out to QSPI, and in/out to external NOR static flash. Something similar to how LPC Open works, but easier to use and integrated into your RTOS would be awesome.
Thanks, let me know if you have any more questions.
-James Tasker