Well I would say No it isn't correct mainly because one seems to contradict the other (but I could be wrong, often
), AssumeAlwaysConnected=0 effectively says you don't have an always connected internet connection, so I don't know if it would then ignore the AlwaysConnectedWaitSeconds=120 command.
I would say AssumeAlwaysConnected=1 (yes/on) would be correct.
The trick would be monitoring when the check is made. Since there are quite frequent VPS updates if you set that to Ask rather than auto update for VPS you would see the notification of update. When you see that check the duration you have been on-line it should be greater than two minutes.