Icloud account access after lost phone?

If a phone is lost and 2 factor authentication is enabled, and there are no other devices logged in with the icloud account - I was wondering how to get access to the icloud account again?

If you add a 2nd verified phone number to it after setting up your icloud account, it seems like it would give you the option to send a text to that phone so you can log in to the icloud website and regain access to your account (while I wait to get a new phone)?

Am I understanding the way it works correctly?

Thanks!