Yes, you got that right. It is like orienteering on a very large map. There are plenty of control points with different costs (in general depends on difficulty of control point and distance from start). You can't take all the points in 24 hours, so you have to plan the optimal way to gather more points - it is exciting part of the race too, clever teams gather more points on a lesser length route. The sport is popular in Australia, New Zeland, in Eastern Europe too. We here don't know about "Rogaine" hair growth treatment, so we don't know about this funny association.
Typically, if you run, the length of the route is around 100 km (>60 miles) through various terrain, more often without roads. I had a chance to participate in last WRC, and saw several teams from US there.