No, not quite.
In Progress means the game is still being written, yes.
Draft review means we’re at full draft of the game. That means it’s receiving an extensive review by an editor, and we’re effectively entering the production stage for the game. (Draft revision would mean the author has the notes from that review and is implementing them.)
Beta means we’re running the beta–playtesters are sharing feedback on playing the game.
Continuity means we’re running continuity seeds; this is usually done in, during, and after the beta. In particular, it often continues for a while after people have stopped submitting beta feedback.
After beta, the game goes to copyedit, the final stage before being released.
Note: we try to update that Upcoming Games post semi-regularly, but it isn’t always completely up to date.