You're correct. The definition in BOL is pretty much identical, word for word, except for a final statement in the Insensitive part:
When ISO syntax is used, if INSENSITIVE is omitted, committed deletes and updates made to the underlying tables (by any user) are reflected in subsequent fetches.
I'm assuming this means one of two things. Either 1) STATIC can't be used with ISO Syntax or 2) if ISO Syntax is used with STATIC, it doesn't matter, you still don't get changed data with subsequent fetches.
But I'm guessing.