Yes—development by inspection means watching the negative during development and stopping development when it looks right, typically by using a safelight and then stopping the developer with stop bath before fixing.

Historically, DBI was used with older, slower emulsions that were much less sensitive to safelight exposure. With modern fast panchromatic films, it is generally considered impractical because they are sensitive across more of the spectrum and are likely to fog under safelight inspection. So for most current B/W films, standard time-and-temperature development is the recommended method.

If DBI is used, people have used developers such as diluted D-23, Rodinal, or HC-110. High-sulfite developers like D-76 or D-23 are described as less efficient for DBI than developers like FG-7, Rodinal, or HC-110.

A green safelight is mentioned because it helps judge contrast more easily during inspection.

DBI requires experience: you need to recognize negative density and contrast while developing, and understand that the method is mainly suited to orthochromatic or other less safelight-sensitive materials rather than modern fast panchromatic films.