Yup - as far as we know the dance conveys three pieces of info, about a food source:

• direction - by the direction of the waggling
• distance - by the duration of the waggling
• benefit - by how frequently they do it (based on the resources and potential predators)

They also release some pheromones while dancing, but I think that’s just to warn other bees “hey, someone is dancing in the hive”.