Pretty much, yeah. It's ebony material with the souls/hearts of the Daedra infused into the armour itself to create a superb version of it. Some adventures [ Lore ] noted they could hear the enslaved groans and moans of the Daedra captured within the confines of the armour itself.
That's actually always been in the lore. That Daedric is just corrupted ebony. That goes at least as far back as Daggerfall, I can't recall if Arena mentioned it or not.
That actually sounds really awesome. I've read almost all of the lore behind The Elder Scrolls, but I've never found the information on how the Daedric weapons and armor are created. It actually makes the armor seem a lot cooler than before.