That is accurate. The provision reads, “If no date of commencement is provided for in an Act, the date of commencement of that Act is the date of assent to the Act.” That is the default provision in the sense that if there's no other specified coming into force, then it comes into force on the date of royal assent. There is the possibility to provide a specific date in the act itself, which wasn't done here. There's also the possibility to give the government the ability to set the date by order in council, usually in a situation where the government needs to be satisfied that it has put in place necessary mechanisms to do so.
On July 20th, 2021. See this statement in context.