That's correct, except I would swap the order for Challenge of the Super-Friends and Super Friends vol 2, which aired simultaneously.  According to Wikipedia and other places, the episodes in Super Friends vol 2 aired in the first segment and the episodes in Challenge of the Super-Friends aired in the second segment.

The bizarre naming conventions of these discs are what led me to create my own custom covers (that's why my images have the spines you see above).

As you said, Challenge of the Super-Friends says "The First Season".  The All-New Super-Friends Hour says "Season One".  Then we simply get "Super Friends vol 2" which is not associated with Super Friends Season 1, but rather Challenge of the Super-Friends.  Very confusing.

The number of discs are as follows:

Super Friends! Season One vol 1-2 = 4 discs
The All New Super Friends Hour: Season One vol 1-2 = 4 discs
Super Friends vol 2 = 2 discs
Challenge of the Super-Friends: The First Season = 3 sides on 2 discs
The World's Greatest Super Friends! And Justice For All = 1 disc
Super Friends! A Dangerous Fate (July 2013) = 1 disc
Super Friends (season 6, 1981, unannounced) = 1 disc
Super Friends: The Lost Episodes = 2 discs
Super Friends: The Legendary Super Powers Show: The Complete Series = 2 discs
Super Powers Team: Galactic Guardians = 2 discs