Nexus OS IP SLA Object tracking

Question

I have not configured IP SLA object tracking on nexus OS before and its looks a bit confusing. Can someone help me interpret the following configuration?

This example shows that object tracking is configured for PBR:

! Configure and schedule IP SLA operations
ip sla 1
 icmp-echo 10.3.3.2
ip sla schedule 1 life forever start-time now
!
ip sla 2
 udp-echo 10.4.4.2
ip sla schedule 2 life forever start-time now
!
ip sla 3
 icmp-echo 10.5.5.2
ip sla schedule 3 life forever start-time now
!
ip sla 4
 icmp-echo 10.6.6.2
ip sla schedule 4 life forever start-time now
!
ip sla 5
 icmp-echo 10.7.7.2
ip sla schedule 5 life forever start-time now
!
! Configure Object Tracking to track the operations 
!
track 1 ip sla 1 reachability
track 2 ip sla 2 reachability
track 3 ip sla 3 reachability
track 4 ip sla 4 reachability
track 5 ip sla 5 reachability
!
! Configure ACL
ip access-list standard ACL
    permit ip 10.2.2.0/24 10.1.1.1/32
!
! Configure PBR policing on the router
route-map PBR
    match ip address ACL
    set ip next-hop verify-availability 10.3.3.2 track 1
    set ip next-hop verify-availability 10.4.4.2 track 2
    set ip next-hop verify-availability 10.5.5.2 track 3
!
! Apply PBR policy on the incoming interface of the router.
interface ethernet 0/0
 ip address 10.2.2.1 255.255.255.0
    ip policy route-map PBR

Lets focus on object tracking 1 -- Does it mean as long as TRACK 1 is valid, verify and use 10.3.3.2 as the next hop for the ACL for the routing (ignoring whatever is in the current route table)?