Correct, it keeps the gatew of M1 below the threshold where it conducts. If you used a logic level mosfet for Q1 that would be capable of turning on fully with 4V then you can run it direct from the MCU pin.
Just note that both the circuit you first proposed and using the logic level FET are going to be limited in switching speed. The first one will be slow to switch on ( at least compared to your view, it will still switch on in under about 2 milliseconds, so do not expect this to work at more than 1kHz as a power switch) and might have issues with oscillation during switch on and off, as the gate capacitance charges and discharges. This can be stopped or reduced by using a gate resistor right by the gate of around 100R, and or by using a ferrite bead on the gate or drain lead to damp the oscillation. MOSFETs are rather well known to oscillate at 100 MHz while switching a low frequency or doing DC linear work, they work but get hot.