Oh yes, it works out like this;
Original negative:
Red-sensitive layer creates increasing amount of cyan (minus red) dye -- more red in scene -> more cyan dye -> less red light going through the developed film. Similarly, no red in picture -> maximum amount of red going through the film because of no cyan dye.
Same logic goes to green-sensitive (magenta dye) and blue-sensitive (yellow dye).
This way, color negative is born.
Then, if you sandwich a developed negative with a new negative film and shine white light to it, thus creating a contact print or copy---
From maximum red (no red in original scene), you expose the red-sensitive layer most, creating much cyan dye, that absorbs any red light in the final piece of film. So, no red in original scene -> no red in final film. Thus, this is positive from color theory point of view. Again, same goes with green/magenta and blue/yellow.
Masking does not change anything in this theory --- it just adds some bias to exposures. Masking is done because of dye impurities that cause unwanted absorption in wrong wavelengths. You cannot remove this unwanted effect, but you can add extra absorption to other wavelengths (orange mask) so that the impurity is constant over the whole density range, and then, after orange mask AND impurities are summed up, they can be treated as a simple color cast and compensated with bluish (anti-orange) light to result in a very pure negative image. Or, usually, print materials are just made so that their sensitivity is higher for blue, compensating the mask automatically. This can be actually advantageous, because color separation in print materials may be done by separating the exposure levels enough and then layer order reversed and filter layer removed to simplify the product at the cost of photographic speed of red channel.