Yes, that is correct, @gzorzeto . That particular material is usually meant to represent an entire glazing system so the u-factor should include both the frame and the air films.
I should also admit that we don’t yet have the means of specifying detailed frames in Honeybee but it will be implemented soon. You can follow the progress on this GitHub issue:
Once that is implemented, you will have the option of specifying the frame characteristics separately from the glazing materials if you don’t want to use a single material to represent both.