As a self-proclaimed scholar of all things HHN 15, I can confirm this. The best part about this origin is that it's insanely accessible for new fans to learn about. It's nothing too terribly complicated, and it's a blast from the past that hardcore fans have been wanting.
Here's something that I have yet to see, though. The Terra Queen has a different form with every reincarnation and sacrifice, so the design team could theoretically design her and Terra Cruentus however they like. The lore is flexible enough to allow this. This has the potential to extend to the Storyteller as well. She is, in fact, the "creator" of Terra Cruentus as well as a powerful being with supernatural abilities.