That's absolutely correct. In fact even if your book is already in MOBI format and you want to edit the metadata, you have to 'convert' it to MOBI again afterwards for the changes to stick.
Maybe the Calibre developer (to whom all praise...) might be able to find a solution for this to avoid painful procedures like the endless one I am going through right now: redoing the metadata in my entire 400+ MOBI collection to get the right Author-Title display, which involves reconverting them all one by one after making the simple metadata change!
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