You're Correct!

When it comes to hitting clean, crisp wedge shots, the way you position your hands on the grips is no different to a full swing with the Vs created by the thumbs pointing towards the rear shoulder.

Applying a neutral grip allows us to hinge and set the club in the correct manner during the swing whilst also aiding in keeping the club face neutral.

When hitting wedge shots, distance control is imperative in order to hit the ball close to the desired target. A good way to adjust distance control is to move your hands up and down the grip whilst still keeping the relationship between the hands the same. As the hands move lower down the grip, you will hit the ball a shorter distance due to a reduction in club speed. This is a great method of adjusting how far the ball will travel. Next time you have a shot where a normal grip position would hit the ball too far, try gripping down an inch and make the same swing.

By holding the grip in a weak fashion, you are encouraging the club face to be open which can add more loft to the club face. Unless you manipulate the club during the swing, a weak grip would likely result in some high, weak wedge shots to the right of target.

A strong grip is where the hands are rotated around on the grip so both Vs of the thumbs would point way outside the trail shoulder. As the hands try to return to their natural hanging position, you would have to fight the strong grip during the shot in order to not hit shots which fly low and left of the target.

The baseball grip is where all 10 fingers are on the grip. There is no interlocking or overlapping of the fingers. The baseball grip is recommended for people with small hands or a lack of power as the baseball grip aids in greater leverage. The baseball grip is, however, not recommended for everyone.