Yes, that is correct. If your Denon A/V Receiver shows "Dolby True HD", "DTS-HD Master", etc, then yes, your Denon A/V Receiver is receiving bitstreamed audio data from your Pioneer Blu-ray Disc Player.
If, however, your Denon A/V Receiver shows "LPCM" or "Multich Input" or "PCM", then your Pioneer Blu-ray Player is decoding and sending decoded audio information to your Denon A/V Receiver.
In terms of lip-synching issues, have you done the automatic calibration/set-up on your Denon? If you have and it is still an issue, use a tape measure and manually in-put speaker distances to your main listening position.
Dan.