Yes that is correct.

The process would be

1. Make a new folder named "World of Warcraft 2" in the Applications folder
2. copy the wow application from /Applications/World of Warcraft to the folder you just created in step 1
3. run the 2 commands in the terminal

then you should have the files you need to run wow in the 2nd folder

you may also want to link your Interface (addons) folder

ln -s /Applications/World\ of\ Warcraft/Interface/ /Applications/World\ of\ Warcraft\ 2/Interface