I just recorded a video doing a walkthrough. It'll be up shortly.
One way to think about a Homing Torpedo using a visual:
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Correct.
If the first set of Torps is locked to Ship A, and the second set of Torps was locked to Ship B, then both sets would be homing on their respective targets until:
they get close enough to go dumbfire
the enemy clears the ping via DCP
or the ping runs out over time.