Yep. It is what I had for dinner. Crisp up a couple strips of bacon, remove from pan. Add minced shallot to hot grease, let it soften while crumbling the bacon. A splash of vermouth, give it a minute. Dump in the cooked pasta, the bacon bits and the beaten egg, give it a good stir. Add in the cheese, another good stir. Oops, I left out the fresh basil. Oh well.
So yes, @Lagom you got it right.