Yeah, thats normal for a 120/240v system. Each 120v wire is the ground path for the other 120v wire. They combine and create 240v.

It was standard up to the 80s and 90s (USA) for the 240v circuits to never have a neutral. When electronics started being added to heaters, dryers, ovens, etc, then a neutral became a wanted feature for a clean 120v power source.