Yes that's how Cloudfare works. The TLS certificate for basically any website using Cloudflare "ends" at Cloudflare's servers. It's then either forwarded on to the actual servers in cleartext or re-encrypted with an internal company certificate (maybe signed internally as well) to pass the connection on to the actual servers. It was the easy way many companies who didn't have the expertise to do their own certificate management moved from the http world to the https world. They just handed it off to cloudflare and kept their servers running http.

F5 Networks, my former employer, sells something similar, but it's a box (or virtual appliance) you put in your own data centers somewhere that dead-ends the connection instead.