That's one way to look at it. The actual fault current waveform will (in general) not be symmetrical, but rather offset in one direction or the other, due to the inductance in the circuit. It can be thought of as the sum of the symmetrical (steady-state) sine wave plus a decaying dc component that decays at a rate dependent on the system X/R ratio. It is also dependent on the voltage phase angle at the time of the fault, so the magnitude of dc offset varies and may not actually occur if the initial conditions are just right.