Pretty much.
One for wash and one for rinse. Keep a grit guard in the rinse so you don't pick up any heavy dirt particles.
Another option is to simply purchase 4-6 wash mitts and use them w/o rinsing. Once you've made your passes, set it aside and use a clean one. I like this option myself. Even with a grit guard, there will be soiled water that gets put back into the mitt and then onto the car. Another plus with extra mitts is it goes quicker. And when you're done just throw them in the laundry together. With more mitts it takes away the temptation to wash the dry cloths with the wash mitts.