That’s exactly what it is. About twenty years ago I bought one of those kits for my niece who was coming for a visit to our house in the country. She was a city girl about 8 years old. When I moved to come back to Virginia, I found a bag of maybe 50-60 of them. I gave them away to all the relatives in groups of four tied with a ribbon as coasters with the story of who made them for Christmas. Everyone loved them and now she is 29 years old. Funny you remembered that old timey pot holder.I had to come back to this to mention the old timey pot holder
Looks like those we loomed as children.