Roughly, yes. (Bonus merits earned by completing weekly tasks are purely personal, and it's possible that exploration/exobio counts slightly differently, but otherwise it seems to be that 1 merit earned = 1 merit to the controlled score)
So for each controlled system you get reported:
- total reinforcement merits for the system owner
- total undermining merits for everyone else combined
- downward pointing arrow on the progress bar indicating the start-of-week position
- upward pointing arrow on the progress bar indicating the current position
- blue or red chevrons between them (re)indicating the direction of difference this week
Note that the system the merit is paid in and the system the merit effects can be different for undermining actions: you steal PP supplies from settlements in an undermining system, and give them to your Power contact in a reinforcement system. You're given the merits while present in the reinforcement system but they're accounted to the progress bar in the undermining system.