That's how I read it. Instead of loaning them Giroud, as was originally planned, they're giving them the same value by paying for Batshuayi. The finances of the deal come out the same this way as they would have been had Giroud gone.
But the Giroud deal is separate from the Aubameyang deal, no? Forgive me if i'm being thick, but how on Earth can Arsenal pay Batshuayi's loan fee while also selling Chelsea Giroud (somewhat under value I might add). If I may paraphrase Tr*mp, "This is a bad deal".