You've mostly gotten it right. Mining is a computational process that secures the network, with coins being minted to act as a reward for securing the network. Specialized mining devices called ASICs are the only way to mine now (aside from as an academic curiosity, for different types of coins that don't have ASICs yet, and on private testing nets), and even they have very slim profit margins (due to cost of electricity and the miners themselves).
True. Mining is actually a time-consuming process. But you can definitely start mining if you can afford to invest the time required and bear the electricity charges as securing networks does take a long time. All the best with it if you are ready for it.