I thought so too- it's the little useful symbol that used to follow at the end of an alphabet, meaning 'and', and was named by recounting the whole alphabet, then "and, per-se 'and'", (which means a to z, and which follows the 'and' symbol), so "and per-se 'and'" became ampersand, and it began life looking like the conjoined latin word "et" which means 'and'.
That's my recollection anyhow.I'll stand corrected if someone nhs a better story! (& no it's not Mr Amper's 'and' either!)