Yes, the right or left thrust angle is to compensate for the P-factor, some will call it prop torque, some prop wash. There is a debate over the proper term.
It's a bit of a divergence, but I thought it was worth noting that P-factor (propeller disk asymmetric loading), prop wash, and prop torque are all different phenomena which contribute to the larger whole.
In an aircraft with a standard Clockwise rotating prop the following is true. In the following examples, Left and Right refer to a pilot in the cockpit's left and right.
P-factor is usually encountered when the aircraft is in a constant positive angle of attack, such as in a climb. The downward moving blade, on the right side of the plane, has a higher angle of attack and higher thrust than the upward moving blade on the left side, resulting in a left-turning moment. (Causes a yawing moment in climbs or decents)
Prop Torque stems from the drag on the prop as it rotates. The drag resists the prop's rotation and imparts a left-rolling tendency to the aircraft. (Causes a rolling moment, especialy with power changes)
Prop Wash, or slipstream, is the force of the the air spiraling around the fuselage and striking the left side of the rudder, pushing the tail to the right and causing a left-turning tendency. (Causes a yawing moment that increases with prop speed)
There is one more factor we don't talk about much in model aviation:
Gyroscopic Precession acts during attitude changes such as pitching up and down, or yawing left and right. Basically, the prop acts like a giant gyroscope, and any time you try to displace a gyroscope from it's plane of rotation, it reacts as if the force was applied 90° around the disk in the direction of rotation from where it was applied. The faster the change, the bigger the force. For example, if you force the nose down suddenly causing a forward force on the top of the prop arc, the plane would react like that force was applied to the right side of the prop arc and the plane would yaw left. (Causes yawing or pitching moments with attitude changes)
TLDR, Each term refers to something specific, and they're each only one part of the picture of why an aircraft may have a left-turning or right-turning tendency.