What does 'respectively' mean in this sentence?
Solution 1:
I agree with @Dan Bron. You are correct. Here are a few references online.
https://www.merriam-webster.com/dictionary/respectively https://dictionary.cambridge.org/us/dictionary/english/respectively https://www.lexico.com/en/definition/respectively
You defined the rationale for using the word "respectively" already very well yourself.