Almost. The counts as armor, so it can theoretically be reduced to 0 (unlikely though that is at this amount of armor).
So yes, it's otherwise correct.
Hardened Armor allows you to ignore attacks with a damage value lower than the AP-modified armor it provides, before any bonuses.
Damage lower than your modified armor rating does cause stun damage.
You resist damage with Body + Armor, each hit reducing the damage taken by 1.
So for you you roll your body (4, +3 from the Bone Lacing) plus (your armor, probably 15 (mil-spec) +3 (helmet) +3 (bones) + 4 (orthoskin) minus enemy AP).
Even against pretty penetrating attacks (say, a Laser) you should roll ~22 dice, which would on average reduce any incoming damage by 7. That's a lot, so you should be quite tanky.
However, be warned that this works proportionally worse against bigger weapons, an assault cannon would still do about 8 physical damage, a high-explosive grenade about 6 stun damage and an anti-vehicle rocket about 17 physical damage.
Even upgrading to heavy hardened mil-spec armor won't make you immune to damage. Sure, for you that'd be about 30 armor, thus reducing damage by about 12 before AP. Throw in a strong Armor-spell and you're up to a reduction of 14.
A Mil-Spec Sniper rifle still blows through that (5+ stun damage), as does a heavy machine gun (2+ stun damage) or a gauss rifle (5+ stun damage), and since you're clearly an armored target at this point an anti-vehicle rocket would be adequate and still do ~15 physical damage.
Oh, and a Dragon would easily maul you for 42 damage before reduction, so expect about 30 physical damage AKA "you're dead, why did you try to melee a Dragon?"
For that matter, all that only protects you from certain spells. Many combat spells just flat-out ignore armor, against a Power bolt you'd only roll your unmodified body plus whatever antimagic you're provided with, no augmentations no armor.