Your assumption is correct, a new installation of CUCM 5.x is installed only in the active partion.
When you apply subsequent Engineer Patches/Upgrades these are installed into the inactive partition. On completion you are prompted whether you want to restart the node using the inactive partition.
Following the upgrade, you will then have the option to regress by using the version previously installed which would then reside in the inactive partition. Through the OS admin it does list which version is installed in which partition.
Hope this helps.
Regards
Allan.