A little more complex than that but basically yes. Change the wingform in flight to optimise it for the flight profile you are on.
Currently the wingform is fixed, for example fitted with or without winglets. Having the ability to deform the wing to enable aerodynamic efficiency is something that all Airlines would want.
Well, there will be a folding point in the middle of the wing, kind of like a door with hinges. Not sure what they are thinking it will look like but I guess we will find out
Actually the visible hinge is a temporary thing. With alloys becoming more flexible and remaining strong they can internalize that hinge to furthrr increase aerodynamics