Yes, your reading is right. Those checkboxes don't install or remove features — they only decide which demo data gets generated. The functionality itself comes from Business Central's applications and extensions, not from anything you tick here, so it's available either way. Warehouse ticked gives you sample locations, zones and bins, Fixed Asset gives sample assets and depreciation books, and so on.
Two things worth knowing. The modules have dependencies between them, Common being the foundational one, so a subset is fine as long as what it needs is included. Problems usually come from picking modules whose prerequisites were left out.
And for a company that will actually be used, normally you don't want demo data at all — pick the setup data only option, then load the real master data.
The genuinely optional things like Subscription Billing, E-Documents or Sustainability are separate extensions, handled in Extension Management at environment level, not from this wizard.
Glad to help - follow up if anything is unclear.
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Regards,
Grigorios Mavrogeorgis
Business Central Consultant & AL Developer
Work: Gmsoft Limited
Blog: insidebusinesscentral
LinkedIn: linkedin.com/in/gregorymavrogeorgis