Effectively yes. The ->#N is the pointer to the next op to be executed (op_next field), which is often not in the same order as the optree structure. Op nodes displayed as "ex-FOO" are ops that are no longer needed and have been converted into OP_NULL (with any attached data freed), but with their former type still recorded (mainly as a debugging aid). These OP_NULLs are usually removed from the execution path.
Note that -MO=Concise,-exec shows ops in execution order, which often makes things clearer.