Yes, except enemy units can intercept fire while you're controlling a unit (the same goes for when it's the enemy turn and your units will intercept fire) and most units that are attcked get a counter attack. Time freezes when you aim so you have infinite time to place your shots.
It goes like this:
You have X number of Command Points.
Choose a unit on the tactical map to take a turn with them. This uses 1 or more CP.
When taking a turn with a unit, you control them real time. They can move a certain amount (Action Points/AP), and take 1 action (healing, attacking, repairing).
Choosing a unit multiple times in the same round lowers the amount of AP available.
Some units or attacks are ammo limited as well (e.g. grenades), and ammo normally replenishes 1 per round.
When you're out of CP, it swaps over to the enemy's turn to move. After they're done, the round is over.
A basic video:
https://m.youtube.com/watch?v=wqduMHVajDw