Pretty much. Once a bill has been approved by the House of Commons they can only reject a bill, but it can be reintroduced later once modified. In this case it serves as a measure for delaying quickly rushed through bills that weren't clearly understood, and bringing them into public light.

Although the Lords aren't elected, their power is more of an advisory role. They can't introduce or kill bills on their own. Also unlike politicians they don't have to worry about keeping their respective parties happy.