What Does It Mean?

You are correct!

From our dictionary:
ag•it•prop

(aj'it-prop"), n.
1. agitation and propaganda, esp. for the cause of communism.
2. (often cap.) an agency or department, as of a government, that directs and coordinates agitation and propaganda.
2. Also, ag'it•prop"ist: a person who is trained or takes part in such activities.

adj.
of or pertaining to agitprop.