Correct, if you go the CUT route, it is the neutral tube amp, the MA-200, MD421, and M160 on a certain part of the speaker, and the EQ curve suits the intended use of those files (humbuckers, picks, heavier music, YMMV). If you go the FAT route, it is the neutral solid state amp, the UMT70S, M88, and R121 on a different part of the speaker, and the EQ curve suits the intended use of those files (single coils, finger playing, lighter to middle of the road music, YMMV).
Not only were those the way I tested them, but I have heard some recordings from the beta testers and without even putting that in their heads those things were exactly what happened. The guys with the J/P basses doing alternative rock and lighter stuff gravitated toward the 'FAT MIX EQ' files, the guys with the humbuckers and detuned heavy music went straight for the 'CUT MIX EQ' files, and did so unanimously and unbeknownst to one another.