Yeah, that's how I understand it as well. It seems like a clear and useful distinction to me, and while I don't care for the deep/shallow terminology either, it doesn't seem any worse than other questionable terms, like Church/Curry for example.
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John Reynolds called Curry typing "extrinsic" and Church typing "intrinsic". Extrinsic semantics assigns meaning to phrases, whereas the intrinsic one assigns it to judgements. See http://cs.cmu.edu/afs/cs/user/jcr/ftp/typemeaning.pdf…
I always somehow mix up extrinsic/intrinsic with extensional/intensional. Maybe it's because they start with the same letters? Still not sure I have my head around difference! 😅
Not saying that as a criticism of the terminology (extrinsic/intrinsic does seem much better than curry/church), more just my own silly brain doing silly things as I learn this stuff!