Yes, this is how it deploys.
I'd still make sure anything on the panel is bolted on from behind and not just glued on though.
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Haha - I was atually going to post that picture for you. Those are my old airbags
So yeah I can confirm it splits down the bottom right next to the "oh **** handle" and hinges up as one big flap on the top.
Where you've got that badge I don't expect any issues at all on a TJ
Side note: On a JK or a JL I would NOT put anything over the airbag cover without having a better understanding of how they deploy. Looked at a JL to maybe do a carbon fibre overlay on the dash and when we took it apart, it was apparent that the airbag is designed to punch through the middle of the plastic panel much like the steering wheel cover. Cancelled the project. If you look at a factory JL Sahara there's a stitch seam in the leather running down the middle, and I assume that's using thread designed to tear easy during airbag deployment. The plastic one will just split open.
I see others have gone ahead and made carbon dash kits for the JL, would strongly recommend against it.
Apologies for going off topic there but just in case any of you, your friends or family also have newer Jeeps.