Yes, the math textbook says exactly what I said, that it's a multiplication. There's no mention of it being a separate operation taking precedence. The parentheses in your example are added for clarity.
Whether you give priority to juxtapositions is an open debate with the consensus being to just use parenthesis around when writing in a single line to avoid confusion. However, there is no distribution step taking precedence, as you mentioned, and the whole debate centers around whether the writer was too lazy to add parenthesis.