@villagephotog Your understanding is correct and even sounds better than the best of my writing so far.
The reason I like bracketing a real shot versus shooting a gray wall is that it brings the waste of testing down.
As you echoed, it's not waste if you were going to take "that" shot anyway.
When you simply bracket a shot you took anyway, the waste is one shot.
I think of bracketing as wasteful. This disdain for the otherwise professional and good practice of bracketing carries over in my head from the days when I would take nature photographs backpacking on color slide film. I was younger and had to consider the money more carefully.
Bracketing turned a 36 exposure roll of film into 12 exposures. That immediately became a deal breaker to me.
But here we are talking about one extra shot every once in a while. Maybe once or twice on a roll. That doesn't cut your film supply very much at all.