Absolutely correct - it's a flybe lounge and therefore NO BA ACCESS.
It's really not that awful, a short little hop and leaving LGW in a turboprop was actually quite fun!
The landing into Ronaldsway can be bumpy though

and Ronaldsway airport is the only one I've ever been to so far where you can literally walk out of the terminal over the road and to a steam train station!!!
Great for novelty factor (in good weather at least!)
All in all, flybe aren't that dreadful - not BA I grant you - but better than the rest of the LCC due in no small part to the fact that their aircraft are that much smaller so boarding etc. is much quicker and easier and with assigned seats.
Give them a whirl and see what you think!