Exactly!
You could also see it as you provide a value for x, then run it through the innermost function (the last one in the string of combinators) to get a new value to pass to the next function in line (the previous function in the string of combinators) as its "x". This continues until you've reached the outer function (the first in the string of combinators) - which then gives the final result.
So you could have something like this:
Formula X-Value Result 5.5 5 5 0.024 0.024 6.121728 5.5 6.121728
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