Yep, Mixed Member Proportional system means that you get to elect someone to represent your area, and know that the overall makeup of the parliament will be proportional to the overall party votes received.

And as you mention, a form of ranked choice voting is still needed for any "finite seat" vote, such as local representatives, where you're electing individuals rather than groups.

FPTP is a horrendous system and all it does is incentivise strategic voting, which is problematic because ideally we should all vote for whatever suits our interests and beliefs, without worrying about whether our votes are being wasted.