Yes, the last two numbers denote wall thickness. The first two are a measurement of the overall girth, but I don't remember if it is diameter, or circumference.
I've only shot aluminums, and I've been involved in shooting a bow for over 30 years. I have shot some carbons before, but to me, the aluminum shaft gives me all I want in an arrow.
Since you're new to aluminums, here's a tip that I learned the hard way... When you cut your shafts to length, don't use a pipe cutter. It creates a small crimp in the shaft, and you'll likely need to de-burr the edges as well. That creates a small ramp on the inside of the shaft, and facilitates the insert getting jammed into the shaft when the arrow hits something solid, blowing out the end of the shaft. When cutting shafts, I use a Dremel tool and a jig I came up with. That gives me a flush edge to butt the rim of the insert up to. Maybe you already know this, but just in case you didn't, here it is. It cost me a bunch of shafts, and I ended up having to fix another 2 1/2 dozen before the same thing could happen to them.