Not quite; it's also called 'weak_point_correction' for damage dealing. It's just that when we deal damage, weak_point_correction is added in the same factor as all the elemental stuff.
As noted, when we apply element_atk debuff to an enemy, that gets included into the atk_debuff, which is capped at 50%. The distinction here is that weak_point_correction is still applying afterwards regardless of whether you hit the cap or not. So let's say you hit the 50% atk debuff cap and the enemy hasn't buffed its own attack in any way. A neutral team takes 50% damage then. An advantageous team takes (50%*75%)=37.5% damage. A disadvantageous team takes (50%*145%)=72.5% damage.

Hmm, looking at the damage dealing formula now, it seems to have been updated since I last really looked at it. I'm not sure if it's a system side update or if it's players side understanding update, but a lot of the stuff that used to be lumped together in 'special attack' got separated into different factors now. All the vigorous type stuff is one factor. The stuff explicitly labeled as 'Special attack' is one factor. Crits are one factor. And punishers are still in other_buffs, which is its own factor as well. Very interesting changes to my earlier understanding of things, at the very least.