Pretty close.
I would not call HD maps a virtual reality world. They are simpler than that. HD maps are a 2D representation of the static driving area. HD maps can also include information like speed limits, one way streets, no parking zones between certain hours etc.. Yes, the Waymo uses real-time scans with cameras, lidar and radar to detect any differences and adjust.
The real-time scans with cameras, lidar and radar also detect moving objects like other vehicles, pedestrians, cyclists etc... The Waymo takes information from the HD maps and the real-time scans to build a complete perception of everything around it, both the static and the dynamic. The Waymo then makes predictions about what other objects will do, like other vehicles, pedestrians etc...
Finally, the Waymo takes the map, the real-time scans and the predictions and makes a decision about what path to drive in order to drive safely. The car then tells the steering wheel and pedals what to do to execute the path.