This is correct.
You want just CC#116 to be picked up so set Work with CC Number in Range Low|High
to 116
Pitchbend, like Song Position Pointer has “high resolution” values (128x128=16,384 values instead of 128) so it strictly needs two numbers to get full resolution.
(See diagram in this topic to get an idea.)
BUT, (as I found out later in same topic) many pitch bend controllers are actually not that fine (they just send 0 for the “LSB”.
SO, setting Set Pitch Bend MSB to
the CC value will give you a good approximation: