Pretty much so, although I don't know if "caramel" is exactly the right description. And in Skotrat's classic recipe, I think it's a gal. that gets boiled down, not 2.
ETA: After looking at the recipe, it seems like the 2 gal. boildown is for an 11 gal. batch. I've always done only 1 gal. for a 5-5.5 gal. batch.