Yes. No catch. You can host it for you (personal) or your company but you can't host and sell it as SaaS.
Several others projects such as Sentry.io or Zerotier are using this license. Be aware that this license is not considered open source but is more like "source available".
You also can't pay some one else to host it for you. If you have to fork it for any reason, you will be stuck hosting it yourself, even if there is a large group of folks working together on the fork, everyone will have to host it themselves to use the fork, at least for several years until the code becomes open source. Beware vendor-lock-in.
Several others projects such as Sentry.io or Zerotier are using this license. Be aware that this license is not considered open source but is more like "source available".