You pretty much described it well in that second paragraph.
I’m just assuming most of the time you wouldn’t import files like RED folders and transcode in MC. I usually make/get my dailies from Resolve and import the Native Codec files.
I guess what I really want to know about is conforming a timeline AFTER the edit is done. So how to conform lets say, a 1080p timeline to a 4k that started off with offline media, and make it into an online timeline and up the resolution. Does that make sense or am I going all over the place?