In essence, yes, I would agree with your statement. In fact, it is the finished work of Christ (the atonement) which must be declared, for the sinner to have faith in. This is (as John Colquohone, Thomas Chalmers and John Bunyan assert) the only “warrant” for believing. Otherwise, the individual is left in the place of determining if they are elect, before they can have assurance that forgiveness and salvation are theirs if they come. It is on the basis of an atonement accomplished that we call men to repentance and faith.

I would want to be careful in the use of the term “universal” atonement. I really don’t think that a good term since it implies that the effects or benefits of the atonement are universally applied – which they are not. Davenant’s term “universally APPLICABLE atonement” seems more precise to me. There is no one whose sins it is not sufficient for and cannot fully deal with – but only DOES actually save those who believe. This of course nothing about the sovereign means whereby one COMES to be believe through the Gospel – that is another topic.

Even the elect were not “saved” (in the sense of regenerated and justified) at Calvary. Until the new birth, we remain “by nature, children of wrath even as the rest of mankind” Eph. 2) Justification is tied exclusively to faith, and while we are still outside of faith, we are still outside of Christ – for “by one Spirit we are all baptized INTO Christ.”

We are not Roman Catholics – the atonement does not operate like their view of a sacrament “ex opere operato” – its simple accomplishment does nothing in terms of the individual, until applied. The Father has already received it, and by it can offer free and full forgiveness – but the text quoted above shows, for the individual, that propitiation must be received by faith for it to justify.