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RackConnect v3 Retained Public IP Addresses

I'm seeking some clarification regarding the RackConnect 3 API retained public IP addresses: https://support.rackspace.com/how-to/rackconnect-v30-retained-public-ip-addresses/

If I'm understanding this correctly, this would allow me to take the public IP address assigned to an existing cloud server, and mark it as retained. So that, if that cloud server were to go away, the public IP address it used would be able to be assigned to a new server.

Is this correct? And are there any caveats or exceptions where this wouldn't be the case?