Grok

Source: https://grok.com/c/1fc3e4b1-842c-48f6-a11d-f91fe1b391d2?rid=880ab1c1-1e33-450a-89f4-2b67b99ec1c1

Yes — your reading of the two diagrams is essentially correct.⁠Wikipedia
Left (motional EMF):
The magnets / pole pieces are fixed. The armature (the loop of wire that forms the circuit) is spinning through that stationary field. Charges in the moving conductors experience a magnetic force (qv×Bq\mathbf{v}\times\mathbf{B}), so an emf appears and current can flow through the brushes, slip rings, and load.
Right (transformer EMF):
The coil (the circuit) is stationary. The magnet (or the field source) is rotating, so the flux through the coil is changing with time. That changing flux induces an electric field around the stationary loop and therefore an emf (the AC waveform on the meter).
Both cases are Faraday’s law (E=−dΦB/dt\mathcal{E}=-d\Phi_B/dt), just different ways of making the flux change: moving the conductors versus changing B\mathbf{B} itself.

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