I think that is what it means. I have 2 memories of it--it was on a lot of buttons and signs when we were kids back in the early 60's. and a character in "Flower Drum Song" who is the strip-tease dancer engaged to the elder son says it in a song called "Gliding Through My Memories"--the singer is the lounge singer at the strip club and he is singing about his travels all around the world and how he has a "sweet Colleen in Ireland", then turns to the actress and says "Say something in Irish" and she says "Erin Go Bragh"--its on the Original Cast Album that played a lot in my home growing up--"Sunday Sweet Sunday", "I enjoy Being A Girl", "A Hundred Million Miracles", "Chop suey", "The Other Generation"--you get the picture.