Kind of. It's definitely true that without the output capacitor, a buck converter won't work properly.
I would describe it more as an energy converter, using an inductor. During the time that the switch (transistor, MOSFET, whatever) is ON, current flows from the input, through the switch, through the inductor, to the output. Current in the inductor increases, and this creates a magnetic field in the inductor which stores energy. Then when the switch turns OFF, the current drain on the input ceases, and the inductor dumps some or all of this energy into the output, and the magnetic field in the inductor decreases.
So while the switch is ON, some current flows from the input to the output, and the energy in the inductor increases. When the switch is OFF, the inductor supplies the output current and the energy in the inductor decreases. Look at the current waveform in the inductor to see how the energy rises and falls during the switching cycle.
I suggest you get data sheets and application notes from manufacturers of buck converters - Texas Instruments, National Semiconductor (now absorbed into Texas Instruments but you may find some old app notes under the NS banner), Linear Technology, ON Semiconductor, Maxim, Fairchild, STMicroelectronics, Micrel, and Analog Devices are good places to start.