Does Psionic Sorcery value spell levels differently than Flexible Casting?

In attempting to answer this question I ran into a different question about how the Abberant Mind Sorcerer’s Psionic Sorcery works.

Psionic Sorcery states:

When you cast any spell of 1st level or higher from your Psionic Spells feature, you can cast it by expending a spell slot as normal or by spending a number of sorcery points equal to the spell’s level.

Normally, a sorcerer must spend increasingly large quantities of sorcery points to make spell slots as indicated on the table under Font of Magic and can create spell slots no higher than level 5.

However, Psionic Sorcery is worded as "a number of points equal to the spell’s level." This would seem to suggest that the conversion rate is always 1:1. That is, to cast a level 5 spell, an Abberant Mind Sorcerer would only need to expend 5 sorcery points, not 7.

Further, the Psionic Sorcery seems to allow any level spell to be cast in this way. The ability does not seem to be limited to a maximum of level 5 spell slots since it isn’t explicitly predicated on the table from Flexible Casting.

Is that correct?