No, more like: Data is stored encrypted with DK (data key) on server. User requests data from server, authenticating with UK (user key). Server verifies privileges, decrypts data, then re-encrypts with UK before sending to the user.
Problem remains after this point though: User has (and may have copied) the data in a form that can be decrypted with UK perpetually. Revocation of UK would only restrict the user from accessing additional data sets that they formerly had permissions to.