No, that's not right.
Neither of these "disregard the cascade". "initial", if it wins the cascade as normal, just resolves to the property's initial value. "inherit" is the same, but resolves to the inherited value from the parent.
Now, "initial", on a non-inherited property, effectively does the same thing as not applying any value to that property at all; "inherit" is like that for inherited properties. "unset" acts like either "initial" or "inherit", depending on whether the property is non-inherited or inherited, so you don't have to remember which category a given property falls into.