Pretty much. But it's based on an older convention for pedestrians. mriguy posted about it above.

Flashing green -> Red + Yellow

In effect, the driver should behave just like a flashing yellow turning to red. But the flashing green was used for pedestrian crossings. Most of these were converted to the modern walk buttons with a standard red light. But that takes funding. The new cheaper pedestrian crossings with the yellow LED lights have the same function now.