Yes, it's exactly like that. Either preselect your mode, or do a full off-on cycle once it's on. It makes switching counter-intuitive and renders momentary-on almost useless. I sold my Xtar B01 because of that switch - you can get accustomed to it, but it never gets convenient, at least it didn't for me.
It's funny that manufacturers keep making lights like that even though lots of users seem to dislike it. Just have a look at this thread, almost every second post reads like "Forward clicky, but only in single mode lights".
Considering the price, I think it's ok for a non-budget-brand, especially if the anodizing is HAIII (which I forgot o ask).
A Klarus P1A for example can be head for around the same price and has only two modes (but with true momentary on and HAIII), the Crelant V11A is more expensive (at least at IOS), suffers from the same forward-clicky-problem and is only HAII. And I can't quite see the advantage of XM-L in a 1xAA light, you can't drive it hard enough to make a difference over XP-G.
I think I might order one when they are available, just to check them out. If I'm able to switch the switch (haha) it should be a winner.