This is pretty much how I've understood it. Anybody who romanticizes the past and expresses a desire to return to older ways, especially without any sort of historical and/or materialist analysis to explain exactly why the years gone by tinted by rosy nostalgia glasses has, as far as I can see, reactionary tendencies, at the very least. People upholding the status quo are not reactionaries, just people who are (or think they are) comfortable the way things are now and are afraid of disturbing the balance, typical of anyone between dems and soc dems (and arguably dem socs).
If, say, a socialist revolution were to occur and bring about a new status quo, those who hold the opinion that a return to liberal bourgeois democracy with state run social apparatuses would now be a reactionary. It's all dependent upon the stage of development. Hell, wanting a return to first stage communism once second stage is achieved would be reactionary.