Yep. You have a good handle on Penguin when he's done right.
Plus, I'll add, the general theme of Batman's early years is things just escalating and getting worse. Batman is gonna take a lot of wins but there are gonna be a lot of tradeoffs in the process that aren't necessarily beneficial for the city. The mob will fall but at least they had order. Penguin likes order and is one foot in the old mob way of things and one foot, reluctantly, in with the freaks.