Yes you are correct. But you have to make sure all the components can support that current including connectors and wires. If you exceed the current it is designed for you get melted plastic and burned up parts or a fire hazard.IIRC the components in your PC "pull" the necessary current as needed from the PSU. And then you just have to make sure that the PSU can supply the current at the rail(s) and the wire gauge is thick enough to avoid overheating from the current.
Correct me if I'm wrong @Thehack but I believe the EPP-200 has a single rail, right? EDIT: looks like @Aibophobia answered that just a few minutes ago
I'm planning on getting a PICO box z1 160W plug in unit since I can get them much cheaper than a PicoPSU and I don't plan to push the 160W limit.
The diagram looks like single rail. I just emailed the tech support for clarification.
For your build I recommend you wire similarly to how I did it in the picture. Wire the CPU 4 pin straight from the PSU instead of the picobox you intend to use. It is important to check the 12v rating of the PDCB you are using. Based on my research most cheaper PDCB maxes out at 8A-10A on the 12V line. If you split the CPU 4pin from it you should be able to safely power a pcie GPU and CPU at 150W. I just bought the new kaby lake pentium so I'll report back when I test it.