You seem have interpreted the meaning correctly.
However people more usually say "Words escape me!" when (for example) they're expressing incredulity at the stupidity of someone's actions. (So Iron Maiden's used those words in a rather unusual context in the lyrics of 'Hallowed Be Thy Name').
e.g. if I was to witness someone risk their life by running across a busy motorway, rather than using a footbridge which would have required them to walk just a short distance further, I might turn to my companion, shake my head and say "Words escape me!"