Exactly.
To put it in layman terms, the first concept is the liberal left's notion that the Constitution is a 'living, breathing' document which changes according to the 'needs' of society and it's people; while the second concept described is a strict constructionist view - it is what it is and means what is says, no more and no less.
The strict constructionist view is the only proper way to understand the Constitution - otherwise it can not be the Supreme Law of the Land.
I guess it depends on what the meaning of is 'is'. hehe
As in Bill Clinton's famous mot, "Find me a way around the Fourth Amendment."