Yes everything about the above is correct -- and 3-4 hours is plenty of time (had a 2.5 layover over the weekend on LHR - EWR - RDU and with GE and PreCheck, I still had ~1.25 hours at the Polaris lounge before boarding my flight to RDU).

One thing to flag because this happened to me over the weekend at EWR, for some reason they started taking bags off the carousel at EWR from my flight without telling anyone and stacking them off the side of the belt. This despite the display still showing our bags were 5 minutes away from arriving at the belt. So just make sure to check both sides of the belt when you arrive to ensure your bag hasn't been pulled before finding a spot to camp out for bags coming onto the belt.