NAT is literally network translation, you’re right.
But if your router is not configured to allow remote administration console access, and you are not forwarding any ports, turn off uPnP, and if you’re super paranoid (and your router supports it) blocking external ICMP, then it is functioning quite similar to a perimeter firewall. No unsolicited external traffic goes farther than the WAN side of the router.
NAT will translate both ways ONLY if the outbound (from the internal network) is initiated first.