"For each keyword only default" is not in my text, but if you are referring to "keyword only name, default parameter object pairs ", yes. Here is a revised suggested wording:

MAKE_FUNCTION(argc)
Pushes a new function object on the stack. From bottom to top, the consumed stack must have have (argc & 0xFF) default argument objects in positional order, ((argc >> 8) & 0xFF) (name, default argument) pairs, with name just below the object on the stack, for keyword-only parameters, ((argc >> 16) & 0x7FFF) parameter annotation objects, a tuple listing the parameter names for the annotations, and finally a code object as TOS.