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I am only going on what I have read, but if the DRM applied to an ePub follows the conversion to Mobi and back to ePub then you are indeed correct. You are merely circumventing the DRM.
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calibre does not work with ebooks that have DRM restriction - at least it will not convert it to any other format if there is DRM. I buy the majority of my ebooks from KoboBooks, remove DRM, and then load them into calibre for conversion to mobi. Some people will read this sentence and focus on the fact that I removed DRM, I instead focus on that I purchased the book from KoboBooks. Bookstores and publishers need sales growth - worrying about what I read my purchase on does not help KoboBooks bottom line.