My guess is that you are correct. There is no connection on either side, and has not been connected in about 20 years. The north side, toward Lowell Street, connects to Danvers rail trail that goes all the way to Topsfield. There was a connection to Salem via Danvers, but again cut many years ago. The South, or west side is tied to a rail trail that goes a couple miles to Middleton. Another branch, with most rail in place through Lynnfield used to tie to the main in Wakefield.
There are a couple great videos on you tube of this line, posted by "nhrrman" with the notation that the films were made by the late Richard "Moose" Ouellette. Rare, wonderful, footage:
https://www.youtube.com/watch?v=vcNPFhUNyO8" onclick="window.open(this.href);return false;
Steve