Almost, although the 360 mention is only for rotations (and I think maybe they've finally unified that now?).
There are two types of "time" that the modules can exist on, and unfortunately this isn't information that's represented to you in any way through the UI:
- Particle Time - This is usually normalized lifetime, where 0 = birth and 1 = death of the particle.
- Emitter Time - The number of seconds since the current loop of the emitter began.
The question you have to ask on each module is this: Am I telling the particle to do something over it's own lifespan, or since the emitter turned on? For example Scale / Life is obviously the particle's lifespan. Initial Size though... if you were to animate it... would be defining the size of the particle at it's birth, at a certain time in the emitter's timeline. In your example above, you are attempting to define the opacity of the particle of it's lifespan, so between 0 and 1 on the axis axis is saying between birth and death (You got this).
To complicate this subject immensely there was a very bad bug up until recent builds that actually clamped the "emitter time" inputs after 1 second as well... if you're in a recent build, that has been fixed, so you can now animate a 10 second loop of particles spawning at animated initial sizes/colors/rotations/positions/whatever.