Yes, a LabVIEW path is internally a concatenated Pascal string. With an int16 indicating how many Pascal strings follow. And a Pascal string is a single byte indicating how many characters follow. Also each Pascal string is aligned to be a multiple of 2 bytes, by adding a filler byte if the number of characters was even.
It's called Pascal string, since the programming language Pascal which was quite popular as a teaching language in the 80ies of last century used this format for strings. C strings uses a terminating NULL character.
Advantages of C strings: It can contain more than 255 characters
Disadvantage: you have to scan the entire string to know how long it is