I'm learning the basic terminology. After much googling, and searching on ID help, I have the following impression:
Is that correct?
Yup. Of course a story can be only one text frame long.
A text frame is the container of the story.
One can delete a frame and still retain the story and by deleting the story one will not delete the story.
You can apply effects to a frame and / or the frame's contents or to the story (like coloring its stroke blue) but not the frames.
Not too confusing in my opinion.