The basic answer is yes, you are understanding things right.
The "low-speed effect" is that if a ruler of size $2L$ with a set of clocks is moving past you at low speed $v$, and the clock at the center shows time $t$, and those clocks are in sync in the moving frame, then they appear out-of-sync in your frame: if the moving ruler measures $x$ relative to the center (with the positive sign being in the forwards direction from your persective) then the clocks on the ruler measure $t - v x / c^2.$ In other words, the clock at the "front" of the ruler shows time $t - vL/c^2$ and the clock at the "back" shows time $t + vL/c^2.$ (These are actually relativistically valid too, as long as $2L$ is the proper length of the ruler.)
This "desynchrony" effect, and the "classical" effect that their coordinates travel through yours approximately like $x' = x - v t,$ (not relativistically valid!) are the only effects of the Lorentz transform which are linear in $v.$ Everything else (length contraction, time dilation) is an effect of a lot of these little desynchronies adding up.
When they add up, they build up the Lorentz transform, which can be written concisely by defining $w = c t,\;\beta = v/c,\;\gamma = 1/\sqrt{1 - \beta^2},$ as $$\begin{align}w' =&~ \gamma~(w - \beta~x)\\
x' =&~ \gamma~(x - \beta~w)\\
y' =&~ y\\
z' =&~ z\end{align}$$(assuming both coordinate systems have the same origins.) The coefficient $\gamma$ is the origin of the time dilation and length contraction.
As you can see, for small velocities $\gamma \approx 1 + \frac 12 \beta^2$ and for small $v$ these effects disappear; then they reappear by summing lots of the linear-effects.
So, the length-contraction and time-dilation effects are not tied to any particular "critical velocity" directly; they just disappear in the noise threshold (where you measure effects of size ($1 \pm \epsilon$) for lengths and durations) unless $\beta^2 > \epsilon,$ which happens before you think because of the squaring. Like, if you want to calculate a trip to a nearby star at $\beta = 0.1$ then you don't care about the length-contraction or time-dilation effects unless you're measuring things to one part in a hundred, because that is $\beta^2.$ So you can just calculate for example that the kinetic energy you need for a 1000-ton spaceship to make the journey is something like $4\cdot10^{20}\text{ J}$ of energy, classically, and you can know that the correction is only on the order of 1% of that energy.
There is no finite cutoff, just that it gradually becomes too weak of a correction to measure.