barhack
Yep, that's correct. As far as I know (and I may not be completely right about this), Tvheadend would instruct the tuner to tune to a specific UHF frequency, which contains a DVB-T or DVB-T2 multiplex (or ‘mux’ in Tvheadend terms), which then contains feeds that contain channels. Tvheadend would subscribe to those feeds to then receive and play/record the channel.
Because one tuner can access one multiplex, Tvheadend can play/record multiple channels on the same multiplex using the same tuner.
In order to access two multiplexes at the same time, two tuners are needed.
As an example with where I live, one TV network has 6 free-to-air channels which are spread across 3 DVB-T2 multiplexes, so if I were to watch/record all 6 channels, I'd need 3 tuners.
As far as I can tell, the Raspberry Pi TV HAT only has one tuner due to the Raspberry Pi platform itself only exposing one I²C connection on its standard GPIO header. If you want more TV tuners, you'd have to use USB TV tuners.