That’s correct. You use the Chronoboon Displacer, and it removes them from you, storing their remaining durations in a new aura, and prevents you from benefitting from any of the buff that are currently stored. The idea being, if it didn’t do that, you’d just get double buffs, and still have to log out to save the second set.
In addition the “Supercharged Chronoboon Displacer” is unique, so you can only be storing one set of buffs at a time, but the “Chronoboon Displacer” is not unique, so you can stock up on them ahead of time, so you aren’t required to make a trip out to Andorhal every week.