That seems about right.
Lets take a slightly more complicated situation to make the differences between closing velocities and relative velocities a bit clearer. Let's call the velocity of the Earth in the mans's frame (-0.5c) and just for today the Earth is going to move in a straight line

I have given the velocity a negative sign to indicate it is going to the left in the man's frame. To the left of the Earth is an attack spaceship that is a distance of one light year away from the Earth in the man's frame. The spaceship lauches a laser pulse towards the Earth and the pulse is moving at c of course. The spaceship also launches a missile moving at 0.8c in the man's frame.
The equation for closing speed is s = | v1-v2 | where | | means we are only concerned with the magnitude of the velocity. In the man's frame the closing speed of the light with the Earth is | c-(-0.5c) | = 1.5c in the man's frame. The closing speed of the missile with the Earth is | 0.8c-(-0.5c) | =1.3c in the man's frame. The closing speed of the man with the Earth is | 0c-(-0.5c) | = 0.5c in the man's frame.
The equation for relative velocity is v = (w+u)/(1+w*u/c^2) where u is the velocity of an object as measured in a frame which has velocity w relative to the frame that measures the velocity to be v. Now we can look at everything from the Earth's point of view. The velocity of the man in the Earth frame is (-0.5c+0)/(1+0c*-0.5c/c^2) = -0.5c. The velocity of the missile in the Earth frame is (-0.5c+(-0.8c))/(1+(-0.5c*-0.8c)/c^2) = -0.9286c. The velocity of laser pulse in the Earth frame is (-0.5c+(-1c))/(1+(-0.5c*-1c)/c^2) = -c.
The closing speeds of the three "objects" with the Earth, in the Earth frame are | 0c-(-0.5c) | = 0.5c for the man, | 0c-(-0.9286c) | = 0.9286c for the missile and | 0c-(-1c) | = c for the laser pulse respectively.