Yes, you're right, but I'm not entirely convinced it was to preserve the Welsh language (which some believe was its major contribution) and it also required a Monarch to grant it. I think what's also key, is that while it's always stated that The Bible was translated I believe it was The New Testament from Greek which fits in with her Reformation agenda.
BTW I should point out that I'm not entirely religious or in favour of church integration of the state so I have no particular affiliation. Also I don't believe she or any other Monarch is appointed by God. But I could be wrong!