How do multiple "waits" work in a smart campaign's flow?

Hi

Does anyone know if the work flows of a smart campaign work through chronologically and only apply to the steps below until there is another wait?

e.g. could I have something like:

1) send email
2) wait two weeks
3) change data value
4) add to engagement program
5)send email
6) wait two weeks
7) send email
8) change lead to unsubscribe

So would the 2) "wait" only apply to 3) and 4) and 5)? and then would 6) make the flow wait for 2 weeks before doing 7) and 8)  ?

Thanks