From my understanding of renormalization, we fix infinities in QFT by writing the Lagrangian's parameters (the bare ones) as a sum of a renormalized part and a cutoff dependant part. The latter vanish when we compute measurable quantities. The renormalized part is fixed by experiments. This renormalized parameter is the "physical parameter". For example, when we refer to the value of the mass of the electron, the number we can find in experimental tables, we are talking about the value of the renormalized mass.
Am I right to assume that the renormalized mass $m_R$ is such that the bare mass $m$ of the standard model Lagrangian is $ m = m_R + \sum _i \delta m_i $ with {$\delta m_i $} the cutoff dependent part due to the different interactions? Meaning, if we had a new theory to the Standard Model, we can renormalized the mass in the analytical computations to get rid of infinities and of the cut-off and use the current $m_R$ that we find in the tables.
Do I get it right?