That's the gist of it, yes. It's actually one peptidase: proline-iminopeptidase. It will cleave away proline even if the proline is bound up in a di or tripeptide.
Proline is not a peptide though, it's an amino acid. How it happens in cheese is that there are complex peptides, and proline-iminopeptidase will cleave out the proline.