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Not quite....
Open the Raw in ACR, make your adjustments (you could do several at a time). At the bottom of ACR there are five buttons... the important ones are 'Save Image' - giving you a limited choice of options. 'Done' - which will keep your corrections in a 'sidecar' file (unless it's a DNG file, in which case the corrections are kept in the file data) and close the file and ACR. 'Open Image' opens your file, still as a Raw but with corrections made, in Photoshop.
Make your edits as required - then save as a PSD, if you like.... this will be quite a big file - many people will use this as the 'Master File' and will make the best prints on your home printer. Then if/when you want JPGs at different sizes or compressions for different purposes, open the PSD and make 'fresh' JPGs from that.
This workflow can fill up your hard disk pretty quickly but space is cheap now and you can always back-up files to DVD or external drive. Some people get serious about their 'filing system', with Raws in one place or folder, PSDs in another - as your 'Masters' - and JPGs wherever you want, perhaps by subject, location, theme or date.
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