Volume Fail - Drive 1 Fail, how to rebuild off of good drive

2 WD RED 6TB drives about 7 years old set up in RAID 1 configuration. Blue lights on the NAS, but logging in I have a critical failure Volume 1 drive not available. Trying to access, nothing. I was able to reboot and regain access. Drive health read good for both 1 and 2. Then shut down the NAS to preserve the drives and ordered new WD RED PLUS 8TB to replace.

What is the procedure to replace the drive and rebuild the RAID? Is it really as simple as replacing the failed drive and letting it auto-rebuild? Thanks.

Yes