You are almost certainly correct. Getting rid of fuel to get down to max landing weight is a concern any time there's a problem this early in a long flight.

And needing to sometimes fly a bit before you can land safely is, well, the whole idea behind ETOPS. For those unfamiliar with the acronym (officially: "ExTended OPerationS", sarcastically: "Engines Turn Or Passengers Swim"), it refers to a certification process for twin-engine aircraft, to demonstrate that they can safely operate far from any airport, since their engine reliability is sufficient to allow extended periods of single-engine flight if and when necessary.

An ETOPS rating is given in minutes. For example, ETOPS-60 would mean the plane is approved to fly routes that might require up to 60 minutes of single-engine flying in order to reach a landing site after one engine fails. The Airbus A330 is approved (depending on the exact variant and configuration the airline buys) for either ETOPS-180 or ETOPS-240.