Not quite.
That would be the "normal" boot, but the "try usb first" part is the step 2 in the "SSH access initramfs" section earlier in the same message.
The bootipq is the original OEM boot, so that is wrong. But the first command sentence should be prepended to the normal OpenWrt bootcmd.
I haven't tested it, but this might work:
fw_setenv bootcmd 'usb start && fatload usb 0:1 0x44000000 openwrt-ipq807x-generic-dynalink_dl-wrx36-initramfs-uImage.itb && bootm 0x44000000; setenv bootargs console=ttyMSM0,115200n8 ubi.mtd=rootfs rootfstype=squashfs rootwait; ubi part fs; ubi read 0x44000000 kernel; bootm 0x44000000#config@rt5010w-d350-rev0'
It might be more elegant to define two new variables: usbbootinitramfs (the usb part) and openwrtboot (normal boot), and then set bootcmd as 'usbbootinitramfs; openwrtboot'.
(That would be a bit like Daniel has done for e8450/rt3200 with the pstore evaluation affecting the selected boot type.)