Yes, You got it right. Outlook on the Web (OWA) Automatic Reply is enhanced with new great feature to make your tasks simple, When I say task yes it can now work on your to-do list as well.
When users set an automatic reply (Out of office) message with an end date in Outlook on the web, Outlook can now automatically decline meetings for that period of time as well as decline any future invites that the user receives for a date in which they are away.