Business Hub License: Does 1 Executor Mean Only 1 Concurrent Workflow?

Hi KNIME Team,
Our KNIME Business Hub license is configured as follows (see the attached screenshot):

• 1 Executor

• 4 vCores

I would like to confirm how many workflows can be executed concurrently with this license configuration.

My understanding is that, since the license provides only one Executor, only one workflow can run at a time. Any additional workflow executions would need to wait until the current workflow has finished.

Is my understanding correct?

Thank you very much for your support!