Yes, depressing the pedal alters the amount of thrust being put out by the rotors. They work similar to the pedals on a fixed wing aircraft in that they change the direction the nose is pointing. Depress the right pedal, and the nose swings right, the left and the nose swings left.
"From our orbital vantage point, we observe an earth without borders, full of peace, beauty and magnificence, and we pray that humanity as a whole can imagine a borderless world as we see it, and strive to live as one in peace."
Astronaut William C. McCool RIP, January 29, 2003 - Space Shuttle Columbia
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