Hello Sahil
Yes this is correct. Keep in mind that the TTL is always decremented upon egress of the packet from the router. In this case however, R1 is the creator of the traffic, therefore it doesn’t decrement the TTL before it sends it out, but is sent with TTL=2. R2 receives the packet, and sends it out of its looback and decrements the TTL to 1 making the packet still valid when it reaches the loopback.
Now, to clarify, BGP peers can only form of both peers are properly configured. You cannot have a “one way” peering where you configure BGP on router A and expect it to peer with router C if that router hasn’t been configured. If you notice in the lesson, the neighbor command including the ebgp-multihop keyword must be configured on both routers for peering to come up. This is the case regardless of what the ebgp-multihop value will be.
I hope this has been helpful!
Laz