Yes, it indicates a junior officer. All ranks below Major had only one fringed epaulette on the right shoulder, with a 'contre-epaulette' (i.e. an epaulette without the fringe) on the left. Exact rank was indicated using various systems of stripes or metal colours on the strap of the epaulette and contre-epaulette.
The British Army used much the same system, though dispensed with the idea of a 'contre-epaulette'.