Correct way to look at it. But I get the aspect to lever up at lows.
Because that limits your downside somewhat and can be a lot easier psychologically.
Theoretically optimal is to be levered at that level all the time, but the drop from top to bottom in a crash is a lot bigger that way as well.
Levering at lows is basically timing the market. It will have a worse outcome than not timing.
But if your baseline is unlevered buy & hold, levering up at lows (up to a certain amount to not risk liquidation of course), while otherwise you would not use leverage, that leverage at lows will give you extra returns (of course by increasing your risk).