Is the description for components of 条 correct?
That decomposition is incorrect.

「条」is shorthand for「條」(Pinyin: tiáo, Baxter-Sagart Old Chinese: /*[l]ˤiw/, /*lˤiw/), which is composed of phonetic「攸」(Pinyin: yōu, Baxter-Sagart Old Chinese: /*liw/) and semantic「木」(wood).「木」sometimes looks like「ホ」when written on the bottom of characters; exact shapes vary between the standards of different regions.

The appearance of「夂」is a writing convention;「夂」doesn't contribute any semantic or phonetic function in「条」. At most, it can be seen as an abbreviation of「攸」.