Yes, that's how it works. Radiation hits a body, it glows at a temperature at which it radiates the same amount of energy hitting it and that's the steady state. This applies to every body in the universe, radiation hitting the earth will undergo entropy and escape.

When you "heat" the earth as in global warming heating, what you're doing is making that radiation get trapped for slightly longer. This necessarily means slightly less glow than before. Then, the glow climbs back up and it reaches a new steady state, where the radiation hitting equals the radiation emanating, and in that state the temperature in the interim between getting hit and re radiating may be a little higher.