That's correct, each team meets 3 others in each of 4 rounds, so 12 opponents total and a pool of 7 distinct opponents to choose from - so not all can be seen twice each. Interestingly it is possible to arrange it so that each team meets six of the others exactly twice each and the other team not at all.
1 2 3 4
5 6 7 8
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2 7 8 1
6 3 4 5
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3 8 1 6
7 4 5 2
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4 1 6 7
8 5 2 3
Above (1 5), (2 6), (3 7) & (4 8) are the pairs that do not meet.