That's roughly correct. What's interesting, from the perspective of this article, is that at the application level, a hypermedia API is much more tightly bound

That's roughly correct. What's interesting, from the perspective of this article, is that at the application level, a hypermedia API is much more tightly bound to your particular application (you are returning specific UI to the client that would be a pain for a third party to consume) but that, despite that tighter coupling, the hypermedia API handles changes better.