Hi @manwithaplan,
Thanks for reaching out. Yes, it is correct - Application ID, Index Name and Object ID are from your Algolia, so you just need to indicate them to match, and for Content here is an example of how to pass and update your Algolia record:
{
firstname: 'Jimmie',
objectID: 'myID1'
}
It is a JSON object so you just pass the data you want to update with new values.
Please let us know in case you have any other questions. 
Best regards,
Zeroqode Team