Yep, that is correct. Setup CIFs on the vFiler and simply map a drive to the etc$ folder and modify the exports file. You can also perform the same command line NFS exportfs functions by either using vfiler run <vfiler name> <command> or vfiler context to enter into the vfiler prompt.
I also use rdfile and wrfile a lot from vfiler0. Not officially supported, but an easy way to edit if getting host access isn't easy or if you only have console access. And then backup with snapshots or mv commands. Hopefully we get a gui some day into this...it isn't in the beta of nsm 2.0 so hopefully 2.0.1 or 2.1 adds gui management of vfilers (hint hint to any product managers reading this ).
priv set advanced
rdfile /vol/vfiler1_root/etc/exports # copy the contents
mv /vol/vfiler1_root/etc/exports /vol/vfiler1_root/etc/exports.ccyymmdd # backup.. and/or "snap create"
Edit the file in vi or wordpad..
wrfile /vol/vfiler1_root/etc/exports # paste and ctrl-c when done