Yes, that's right. You set the film speed and aperture, and the camera will set the shutter speed and tell you what that shutter speed will be through the needle-on-scale readout in the viewfinder.
Originally Posted by internetmanden
Strictly speaking, in the OM-2 the shutter speed readout in the viewfinder is only approximate. The OM-2 is unusual in having two complete metering systems. In manual mode, the camera behaves exactly like on OM-1: meter cells in the viewfinder measure the brightness of the focusing screen and provide a "match needle" readout that you can use as a guide to setting an aperture/shutter speed combination that is appropriate for the subject. Of course, you're also free to ignore the meter's advice and set the exposure using an external meter, or based on experience or on rules of thumb like "sunny f/16". In automatic mode, the camera provides a shutter speed readout that is detemined by the viewfinder meter cells, but the actual shutter speed set by the camera will be determined by a separate meter cell in the mirror box that reads the light reflected from the shutter curtains and, for long exposures, the film surface itself. In some situations the off-the-film reading will give you an actual exposure that's a bit different from what is indicated by the readout from the meter cells in the finder. But that's a subtlety that you normally shouldn't need to worry about.