Not exactly.
Because of His omniscience God knows what is right and because of His Love, He commands exactly that. Things aren't good because He commands them, He commands them because they're good. This may sound like God is subject to an even higher authority, a "morality" beyond Himself - but again, that is no morality at that point, that's Love. He wants Good, because He is Love and that's what Love wants for Its object. We're like little children, trying to put a metal fork into the electrical socket and calling our parents' decision to forbid it "arbitrary" and "selfish". It's not - they just know better and they love us. That combination is key.
"God knows what is right"
But there can be no right, how would you define it? That's like saying God knows what "fdjl;jaf" means
Of course it means nothing because it is gibberish. Or saying - God knows which ice cream flavor is best - none is best of course, because you cannot have a correct value judgement - value is in the eye of the beholder