Yes, basically. A standard arcade monitor (15kHz/CGA) is designed for a horizontal frequency of around 15,750Hz. At 60Hz, this means you often run around 262 total lines.
262 lines per frame * 60 frames per second = 15,720 lines per second = 15,720Hz horizontal frequency
224p and 240p games often run this way. Only 224-240 active lines per frame leaves plenty of extra lines in each frame. Allowing the CRT to scan a few blank lines in between each frame gives it time for the vertical sync pulse to take place. This is called the vertical blanking interval.
For example, let's say a CRT is displaying 240p at 60Hz vertical, 15,720Hz horizontal. It literally scans each line in order from left to right, top to bottom, directing an electron beam to draw onto the front of the screen. After scanning the 240 active lines, the CRT will scan a few blank lines, also known as the vertical front porch. Then the vertical sync pulse will take place, causing the electron beam to jump back to the top of the screen so it can scan the next frame.
Whipping an electron beam to the top of a large monitor at nearly instantaneous speed is somewhat "violent." The electron beam will be wobbling for a bit afterward, so it scans a few more blank lines at the top of the screen (vertical back porch), giving it time to settle back to a steady path. If you create a video timing with too few lines in the vertical back porch, you will see a warped/distorted effect at the top left of the screen because the electron has begun scanning active video before it has had time to settle down.
So, in our example there will be 22 lines left over for the blanking intervals (262 total - 240 active). You can see that if we allocate 11 lines to the front porch and 11 lines to the back porch, the picture will be centered. If we allocate only 6 lines to the front porch (below the active lines) and 16 lines to the back porch (above), the picture will shifted down.
Similarly, there is a horizontal blanking interval, consisting of a few blank pixels after the active pixels in each line (horizontal front porch), and a few blank pixels before the active pixels in the next line (horizontal back porch). This allows time for the horizontal sync pulse to take place, causing the electron beam to jump back to the left side of the screen after scanning each line.
Now, if we want to display 256 active lines, there will only be 6 left if we're running at 60Hz vertical, 15,720Hz horizontal (262 total - 256 active). That's not too many to allocate to the vertical blanking interval, which could cause some problems. Running at 55Hz vertical, 15,720Hz horizontal results in about 286 total lines, giving you more room to work with.
286 lines per frame * 55 frames per second = 15,730 lines per second = 15,730Hz horizontal frequency
I don't know precisely how many total lines the R-Type PCB actually used off the top of my head, but that is the gist of it. Different 15kHz CRT's have different tolerances for how far you can deviate from 15,750Hz before losing sync. It could be up to +-1000Hz, but some CRT's are pickier than others, so the standard practice is to stay as close to 15,750Hz as possible. If a different number of total lines are needed, it is accomplished by varying vertical frequency, and leaving horizontal frequency relatively constant.