Mario, indeed, you are correct.
and that is likely how it should look (and be written) in notation, but in BIAB chord view, it could look visually something like a part marker or colored bar that essentially "disconnects" all the running data streams (No Chord) from RTs/MIDI and just produce a controlled pause entered in seconds... and as you rightfully noted, be translated as fermata in notation view.

Or, this probably can be extremely simplified and baked into bar settings. For example type in N/C (No Chord) right in the bar cell of Chord View (this was requested by few people before) and have option in Bar Settings either change tempo OR define length of the bar in terms of real time - seconds.