Yes you are correct, the event handlers will not do anything in setup. Main runs "setup()", then loops infinity through "loop()", but gives the serial event handlers a chance to run in between. The actual main that runs on the arduino is this:
int main(void)
{
init();
initVariant();
#if defined(USBCON)
USBDevice.attach();
#endif
setup();
for (;;) {
loop();
if (serialEventRun) serialEventRun();
}
return 0;
}
this is found (on linux at least) in arduino/hardware/arduino/avr/cores/arduino/main.cpp
"serialEventRun()" is in HardwareSerial.cpp, but is not very interesting.
To be clear, Serial itself will still work fine in setup(). If you want to use the same event handler function, all you have to do is call "serialEventRun()" yourself periodically.