Yes it is correct.
I'm a Lubuntu user, and I consider my system a Ubuntu one. The base of our systems is a Ubuntu base; where Lubuntu being a flavor of Ubuntu use that base and replace only parts of Ubuntu Desktop with other parts; Lubuntu uses the LXQt desktop, openbox as the WM & Qt5 as the core libraries/toolkits (which differs to Ubuntu Desktop which uses GNOME Desktop, GTK3 libs/tk etc. You're using Ubuntu 18.04 LTS which has standard support until April 2023 (which is very close so please note it!). You're using the LXDE desktop which is now deprecated
FYI: To get answers you appear to be after you could use neofetch, a quick glance at the manifest of the Lubuntu 18.04.5 LTS ISO (https://cdimage.ubuntu.com/lubuntu/releases/18.04/release/lubuntu-18.04.5-desktop-amd64.manifest) shows it there.. Your system as I see it is now Ubuntu 18.04 LTS (with LXDE), and I still have one IBM thinkpad using pentium M with 18.04 installed; but I'll likley move that to Debian within two months due to EOSS of 18.04 & EOL of i386 (Debian & Ubuntu refer to all grades of 32-bit x86 as i386; your cpu will be i686 class though to the linux kernel)
If you haven't worked it out, there is no upgrade path to Lubuntu 18.04 LTS, as it was the last Ubuntu release that used the now deprecated LXDE desktop, with LXDE using the deprecated GTK2 libraries/toolkit. The LXDE devs wrote about the port of LXDE to GTK3 (which is heavier) and instead ported to Qt5 joining with the Razor-Qt devs creating the replacement LXQt desktop that Lubuntu from 18.10 & up uses.
Lubuntu 18.10 was released in i386 (32-bit), with ISOs also produced of 19.04 (Lubuntu & Xubuntu alone got this far), but 19.04 was the end of the road for i386 support & because 18.10/19.04 were not LTS releases, 18.04 LTS lived longer (3 years for flavors with EOSS or end of standard support at 5 years meaning April 2023).
From my own system, I'll get (using neofetch)
`-mddhhhhhhhhhddmss` guiverc@d7050-next
./mdhhhhhhhhhhhhhhhhhhhhhh. ------------------
:mdhhhhhhhhhhhhhhhhhhhhhhhhhhhm` OS: Lubuntu Lunar Lobster (development branch) x86_64
:ymhhhhhhhhhhhhhhhyyyyyyhhhhhhhhhy: Host: OptiPlex 7050
`odhyyyhhhhhhhhhy+-````./syhhhhhhhho` Kernel: 6.1.0-16-generic
`hhy..:oyhhhhhhhy-`:osso/..:/++oosyyyh` Uptime: 2 mins
dhhs .-/syhhhhs`shhhhhhyyyyyyyyyyyyhs Packages: 3057 (dpkg), 11 (snap)
:hhhy` yso/:+syhy/yhhhhhshhhhhhhhhhhhhh: Shell: bash 5.2.15
hhhhho. +hhhys++oyyyhhhhh-yhhhhhhhhhhhhhs Resolution: 1680x1050, 1920x1080, 1920x1080
hhhhhhs-`/syhhhhyssyyhhhh:-yhhhhhhhhhhhhh DE: LXQt 1.2.0
hhhhhhs `:/+ossyyhyyhhhhs -yhhhhhhhhhhhh WM: Openbox
hhhhhhy/ `syyyssyyyyhhhhhh: :yhhhhhhhhhhs Theme: Arc-Darker [GTK3]
:hhhhhhyo:-/osyhhhhhhhhhhho ohhhhhhhhhh: Icons: Yaru [GTK3]
sdhhhhhhhyyssyyhhhhhhhhhhh+ +hhhhhhhhs Terminal: qterminal
`shhhhhhhhhhhhhhhhhhhhhhy+` .yhhhhhhhh` Terminal Font: Ubuntu Mono 14
+sdhhhhhhhhhhhhhhhhhyo/. `/yhhhhhhhd` CPU: Intel i5-6500 (4) @ 3.600GHz
`:shhhhhhhhhh+---..``.:+yyhhhhhhh: GPU: Intel HD Graphics 530
`:mdhhhhhh/.syssyyyyhhhhhhhd:` Memory: 1813MiB / 15852MiB
`+smdhhh+shhhhhhhhhhhhdm`
`sNmdddhhhhhhhddm-`
guiverc@d7050-next:~$
and what I consider the most important is actually
guiverc@d7050-next:~$ lsb_release -a
No LSB modules are available.
Distributor ID: Ubuntu
Description: Ubuntu Lunar Lobster (development branch)
Release: 23.04
Codename: lunar
You'll note the base system is reported as Ubuntu lunar lobster, what will be released next month as Lubuntu 23.04.
