Yep, that's basically right. FYI, the ON_ERROR_STOP business is just a hint to
psql that you want it to stop (and, in your case, effectively rollback by closing the connection) immediately upon an error, instead of flooding you with a bunch of messages like "ERROR: current transaction is aborted" for each subsequent command in the transaction.
There are a few exceptions, see some hints in this answer. But if you try to stick a command in your
script.sql which is not allowed to run inside a transaction block, PostgreSQL should give you an error like "... cannot run inside a transaction block" and your transaction should get rolled back.
Of course, you'd be well advised to try your migration script on a test/backup instance (you do test your backups somewhere, right?) first.