Yes, your reading is correct. The mapping is by order: Network ATC assigns the StorageVLANs to the adapters in the same order they're listed in the intent, so with {Port4, Port5} and {711, 712}, Port4 gets 711 and Port5 gets 712. The docs describe exactly this, the NICs in a storage intent get configured to use VLANs 711, 712 and so on respectively, and ATC applies it uniformly across all nodes.
That uniformity is what makes your switchless cabling work: Port4 on both nodes sits on VLAN 711 with one subnet, Port5 on both sits on 712 with the other, so each direct cable pair forms its own storage network. With defaults that's 10.71.1.0/24 for network 1 (VLAN 711) and 10.71.2.0/24 for network 2 (VLAN 712).
You don't have to infer it though, verify it on the adapters directly:
Get-NetAdapterAdvancedProperty -Name Port4,Port5 -DisplayName "VLAN ID" -CimSession (Get-ClusterNode).Name
Get-NetIPAddress -InterfaceAlias Port4,Port5 | Select InterfaceAlias,IPAddress
Get-NetIntentStatus -Name storage
The first shows the VLAN actually applied on each pNIC, the second confirms it (Port4 in 10.71.1.x, Port5 in 10.71.2.x if defaults), and the last confirms the intent provisioned on both nodes. If this were a converged intent with a vSwitch, you'd check the vSMB vNICs with Get-VMNetworkAdapterIsolation -ManagementOS instead, but for a storage-only intent the VLAN sits on the physical NIC.
And since you're switchless, those VLANs live only between the nodes, nothing to configure on any switch.
References: https://learn.microsoft.com/en-us/windows-server/networking/network-atc/network-atc https://learn.microsoft.com/en-us/azure/azure-local/plan/two-node-switchless-single-switch