That's basically it, yeah. I've found sometimes though the receiving faction won't take a gifted settlement without giving some money to them and asking for map info in return.
Also move_characters is helpful to facilitate gifting as well.
Also, when I feel a faction is not expanding into certain rebel settlements (i'm looking at you KH and why you never take Crete), I create_unit siege engine, use move_character to transport it. Attack settlement, auto_win attacker and then gift the settlement to the faction.
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