As far of my understanding while building an application stack like “MERN/MEAN”. Instead of manually creating containers for them and connecting them together on a network, I can simply create a yaml file where i give key:value pairs on them and then run a simple docker-compose up command to bring up the whole stack to life
Yes, that is the idea. A compose file describes all the components (containers, networking, volumes etc) required to bring up an entire application.