yes. very common for people to switch the terms color correction for color grade, i even do it sometimes.
but OP, making your image look correct and accurate (good exposure, blacks are really black, whites are really white)=color correction
making your image look cool=color grading
while you can do color correction in magic bullet, i prefer to use the 3-way color corrector in final cut first because it's simple, then move on to magic bullet for grading