Correct. It does interoperate with it though, and the built-in components are indeed in native code but called via the JS bundle. Of course, a lot of external libraries are just Views-within-Views and give up some of the nice performance benefit of the native code underneath, sadly...
This is what I meant, and also what I meant when I mentioned that React Native pushed the boundaries (that I laid out above) -- it's a weird in-between of near-native, webview and native.