Precisely.
Our task is to offer the nations our King's olive branch during the present period of his gracious patience. The deal is "Repent and submit now, and receive my mercy and eternal favor, or persist in your rebellion and suffer my wrath upon my return."
This in no wise alters or diminishes the fact that he is presently ruling, having been elevated above all and seated (enthroned) at the Father's right hand until he makes all his enemies a footstool.