You’re right. That is basically what it means.
Dama means ‘I am’. La means ‘you’. Bugga means ‘like/love/desire/want’.
Bugga is often used when indicating something that you want. For example if someone was giving you the choice between an apple and an orange and you wanted the apple you’d say ‘dama bugga pom’; ‘I want the apple/I like the apple.”