Correct.. in full 1080p resolution (4K may be possible, I know that there are MHL cables that support it, not sure if the V10 can ouput in 4K though). LG phones are some of the few that still support this feature via the USB output. This is a very important feature to me and is probably the biggest reason why I have stuck with LG phones after owning many others. I recently bought a JVC head unit for my car that mirrors the screen of the phone via MHL and lets you control the entire phone with the use of the touchscreen. It's an awesome feature that I find myself using all the time, and doing presentations for work via MHL is something very convenient as well.
Manufacturers expect you to have a Chromecast and WiFi connection to mirror screens nowadays, which is why fewer and fewer phones have MHL capability. MHL is much much better, unless of course you're very far away from your TV where a cable spanning across the room becomes impractical.