Yep! That's exactly right. If you use X0, the compiler creates this 8-bit register by combining M0 and M1. If you use X1, then the compiler creates it out of M2 and M3. So while you can have sixteen 4-bit registers (M0 - M15), you can only have eight 8-bit registers (X0-X7).
In the Data Format section of the
reference page
, we describe how 8-bit registers are created out of 4-bit registers, but we don't explicitly say which registers are involved when you use a particular 8-bit register. We could add that. Thanks!