Thats it pretty much. Very similar process to dry blasting except the water is the medium for providing the pressure. The pickup is by venturi whereas the units you put a link to are pressurised to force the beads out of a tube at the bottom of the container. Health issues with dry blasting are a real concern - the beads, paint, rust, etc. can all be toxic and whilst you maybe protected by wearing a respirator at the time - the fine dust will lay around for ages and be breathed in by everyone who comes near to it. Plus you never know what you are blasting off - lead based red oxide paints, plastics, fibre glass, etc etc. Ordinary sand is an absolute NO to use in dry blasting - the silica is very toxic in fine dust and can pass through even respirator filters.
I have a pressure washer that produces about 100bar and very low water usage so its ideal for doing smallish jobs - upto LR chassis etc. I also have a small bead blaster that works off a compressor and venturi but its a real pain during the wet season (Australia) as the compressor sucks in so much moisture that the two moisture traps cant cope and the venturi clogs up with a mixture of water and steel beads. The advantage is that the beads can be recycled if you use a blast cabinet.