Yeah that's the way I look at it. But it's a stark difference from when Luffy received Thunder Bagua, and the club cracked his head open, and when he received Ragnarok, and was smashed into the bevel by the club. Those two instance are way more powerful versions, because Kaido's club directly touched Luffy's body, while applying AdCoC. Zoro an Law both got hit, but by the AdCoC itself, and not the club.
Compare Luffys Gear 4th that maze direct contact (Zero damage)
Compare CoC punch that made no direct contact, fucked Kaido up