Yeah, that's it, more or less.
Once the link is saturated, the bandwidth just starts to divide. Standard Ethernet rules apply...the port has to wait until the line is clear before transmitting, anything not in the (immediate) outgoing buffer just gets queued up and let go as space is available. If it waits too long in the buffer, it times out and the receiver just asks the transmitter to send it again.
If the receiving end runs out of buffer, the frame is dropped. An exception would be if the receiver and transmitter both understand some flavor (the same flavor) of "flow control," where the receiver sends a "back-off" message to the transmitter. If the transmitter understands flow control, then is paces the packets out a little slower. Some "flow control" is just the receiver sending a JAM signal (like if there was a collision).
FWIW
Scott