That is right.
The only purpose of the branch predictor, which has become one of the biggest and most important parts of any modern CPU core, is to execute only one of the two branches, hoping that you have guessed the right one.
On a CPU that executes both branches, there is no reason for a branch predictor to exist.
The equivalent of executing both branches is obtained by replacing the conditional branches with conditional move or conditional select instructions, which are used after both values corresponding to the two alternatives have been computed. The use of conditional move/select instructions is justified only when the direction of the conditional branch would have been quasi-random, so the branch predictor would have failed to predict it.
Executing both branches has an exponential cost in the number of conditional branches that are speculated ahead, so it is neither feasible nor desirable, as it would greatly increase both the power consumption and the die area for a given performance.