Implications of polynomial time reductions
Right, if you have an algorithm A that reduces $\Pi$ to $x$ in polytime, and you can solve $x$ is polytime using some algorithm B, then you can solve $\Pi$ in polytime by applying first A and then B.

Using polytime reductions on a problem in P however is rather boring, since you can solve the instance during the reduction and map every instance of $x$ to either a trivial yes or a trivial no answer. Normally you restrict yourself to logspace reductions for problems from P.