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Yes. That's the only way to down-vote currently.

"downvote" a flag should be used for much more serious things on a platform advocating against censorship, although it is not censorship, it can quickly restrict users from seeing or wanting to engage with such content

That was my point. If they call it a downvote they shouldn't make it look like a little flag. We've all been on the Internet for a while now, a bit too late to retrain everyone on what a flag means.