Somewhat yes. Iron oxide is included, but considered a catalyst. The rubbery plastic binder is a fuel. The Aluminum is a high-energy fuel. The "ammonium" part

Somewhat yes. Iron oxide is included, but considered a catalyst. The rubbery plastic binder is a fuel. The Aluminum is a high-energy fuel. The "ammonium" part of ammonium perchlorate is a fuel, and the "perchlorate" part is an oxidizer. The amount of aluminum is limited to prevent the temperature from getting too high and because it makes low-energy exhaust particles. Good exhaust particles are low-mass gasses with few degrees of freedom in the molecular shape. Aluminum oxide forms solid particles consisting of many atoms stuck together, which is pretty useless.