That's the core pun, yes because "ups and downs" was used in her original statement to refer figuratively to her squatting experience and squats involve literal up and down motion.
Originally Posted by morbidlyfat
The joke, such as it is, however, was about the "overall progress is upwards" part which works fine in the figurative sense used in the original statement, but when applied to the image of someone doing squats yields the trainee floating away with each rep (or something equally absurd). I wish i'd been better able to highlight what i was getting at but in any case...
Pure. Comedy. Gold.