Not exactly, but I think you are close. I'm still trying to understand more than just Liberty, but right now my best guess is the CC has you set up it that when shore power or generator power is available to your coach, it goes to the battery charger portion of the inverter, but by-passes the inverter to feed power directly to the circuits powered by the inverter when not connected to shore power and the generator is not running.
Right now I have no clue how many coaches already by-pass the inverter and how many do not. I do know this however. If you have a coach set up so that you can easily access the wires into and out of the inverters, and can join the two sets together easily if necessary, don't waste any more time on this issue. You do not need to waste time or money installing a bypass. But if your inverters are not easily accessed and you do not have a by-pass, stay tuned.