Yes, nirvana is the termination (i.e. permanent cessation or uprooting of) craving (i.e. passion, aggression and delusion).
It is certainly not the same as a temporary state of stillness, which is a shamatha state of calm-abiding. Nirvana can only be achieved when both calm-abiding, PLUS insight (by far the most crucial factor) into the nature of reality, are cultivated in tandem to uproot the defilements. Therefore Buddhist meditation is not about cultivation of stillness only, but more importantly the cultivation of wisdom and awareness.
Therefore vipassana/vipasyana meditation, or insight meditation, is aimed at contemplating and realizing impermanence/anicca, unsatisfactoriness/dukkha, non-self/no-self/anatta/anatman, and emptiness (of inherent existence) or shunyata... in real time experience. Meaning it is not a conceptual analysis but seeing these characteristics in moment to moment sensations. These insights lead to unbinding.
Taiyaki: that description does not sound anything close to a PCE.