Yes, that's correct. Though I don't know for sure if the delay is from move 1 or not. I assume so though.
Can someone please explain to me this tournament time control?
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given the placement of the comma I'd say the delay applied to the 2nd time control. 10 seconds is pretty long for a 40 in 2 time control and the TD would have a vested interest in predicting when the next round will begin. I do agree it is somewhat ambiguous.
40/2, SD/30 d10
Does it mean 40 moves in 2 hours followed by 30 minutes for the rest of the game with a 10 second delay?