Does the new Meditation Mastery work like the Perseverance Mastery in terms of cadence?

When I was last playing Soraka, I was looking at my stat window when low on mana and the numbers didn't include the effect of the new Meditation mastery. This leads me to think it's more like the Perseverance mastery, only restoring 1.5% of missing mana every 5th second, rather than constantly changing your mana regeneration like a Chalice.

Am I right on this?