Not quite... Yep its the new way of working. No activation code does not download or extract anything. It has to already be there. This is the magic. Except its not magic or even rocket science It used to be there was a base game which could be patched and modules were separate downloads that added components. That lead to plenty of confusion and the need to know what was installable in what order. Those days are gone. Everyone gets all the content on their system