Close: MEK remains resident on the drive, it's the KEK that goes to the TPM, and the pin/biometric/etc access control mediated by the TPM is to the KEK. It's how you can (with
somemany hoops jumped) move an encrypted drive between a TPM-enabled and a non-TPM-enabled box without decrypting in-between.
The TPM documentation was real sketchy when I was researching it. One of the reasons I do not trust TPM, way too much deliberate obscurity in an attempt to sell a product to corporate IT offices.