No. What you're describing is more how WPA2-Enterprise works.
WPA2-PSK works differently. Yes, you have a pre-shared key, from that a group key is derived and rotated regularly (like every hour); however, all clients use the same group key. WPA2-Enterprise works differently in that clients authenticate by logging in with user credentials and the access points checks with a RADIUS server. The RADIUS servers gives an "okay" or "no". "Okay" includes a key from which an encryption key is derived and that is rotated with the client. But each client gets their own unique key to generate that.
If you have a phone and laptop on a WPA2-PSK access point they can packet sniff and read the contents of said packets as though they were not encrypted. On a WPA2-Enterprise access point clients can packet sniff but only get encrypted content.
The problem with this (and why it affects both implementations) is that the handshaking is broken and allows for a replay attack so the attacker can force the same (temporary) key use and thereby get onto the network with the same encryption without actually knowing the "master" key (shared in PSK, or client in Enterprise)