Hello Temkins,
My apologies for the delay.
Yes, your understanding is correct, each of the chips would be connected to a Chip Select. SEMC_CSX0 connects to the CE pin at Target1 and SEMC_CSX1 to the CE at Target2.
You would need to setup the memory regions and the SEMC would be asserting the chip select depending on the region being accessed.
The processor reference manual can be a bit cumbersome but I would recommend looking at the SDK examples and the EVK for an example of how the SEMC works.
I hope that this information helps!
Regards,
Gustavo