Yeah, you nailed it. The WHC is exactly what the IC Title used to be.
The two titles were equal at one point, but that will never happen again now that the brand split is essentially over and SD is as much of a second tier show as it ever was. But that doesn't mean the belt is completely useless. For example, I fully expect the WHC match to steal the show at Extreme Rules, unless The Undertaker decides to wrestle.