A little confused about the wallet details

Yes, you are correct.
You also have a second option - is opt-in for zkSync (L2): ZkSync Payments - Storj Docs
This will allow you to receive your payouts every month independently of Minimum Payout Threshold on L1 (Ethereum).
The fee for withdrawal from L2 to L1 (deposit for example) is almost the same as a fee for transfer from L1 to L1, but you can pay it in STORJ tokens, not ETH as in case of L1 → L1 transfers:

So, in short - the zkSync will allow you to receive your payouts every month (not once a half year if the fee going to be so high on Ethereum…) and also you do not need to have ETH on your wallet to move your tokens to the exchange

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