Yes, you understood it correctly.
1> Try and leave the K9 (anti twist) insert OUT of the strap/screw
(at least on that screw, the strap will work OK without it)
2> Clean and dry inside the hole with alcohol/isopropylene or acetone
(use a matchstick to reach right inside etc) .
3> Let it dry for a while, overnight if it's not a hot day.
4> Use another matchstick and load the Loctite right down inside the hole.
( Not too much. just a good coat on side of hole but leave the hole open)
5> After the screw is thru the strap already, wipe a fine layer of Loctite all down the thread section of the screw.
6> Carefully load the screw and screw it down very tight, but not massively extreme.
7> Hopefully you didn't use too much Loctite, so no mess from overflow to clean up.
8> Leave it overnite or 24 hours - then go try it.
9> Never use a longer screw. Never use a non-special thread pitch screw.
Hopefully, no problems again, however for the next few sessions always check (with a screwdriver) to see the screw tension remains fully locked. When an insert has already been stripped before, the first sign the replaced screw is going to come out again is if the thread starts to seem loose (not locked)- even if the screw looks fully seated down..
Cheers ~ Ian