Not exactly, but you're almost there.
Mempool is a marketplace where transactions compete to be put into a block (based on fees).
Once a miner puts a transaction into a block, your node needs to fetch that transaction in order to validate the block (in case the miner is lying/cheating).
Once you've done that you can throw away the transaction (especially if it's an Op_return because they are unspendable anyway).
Some people run nodes that discard all transactions except for those which are relevant to their own coins or in the current UTXO set).