Mostly correct - Air units can only react and fly defensive air support into adjacent territories:
P15. . . Enemy air units that are in or adjacent to a territory or sea zone that is being attacked may fly defensive air support / interception into the battle space if the defending player elects to do so. They are treated as if they occupy the combat space for combat purposes.
and on returning after flying defensive air support:
P16. . . After defensive air support, defending air units must return to the territory or carrier that they intercepted from. If the original territory / carrier is no longer available to return to due to enemy occupation, battle or it is sunk, the intercepting air unit must fly to an alternate territory / aircraft carrier within range of half its movement from the battle territory or sea zone. If no carrier or territory exists within this range, the air unit is eliminated instead.