Yes, boil water, allow to cool for a bit (usually 20-30 minutes), then mix and cool to the right temp in a bowl of cold water. It wasn't hard once you got an idea of baby's feeding pattern. The first 8 weeks are a bit all over the place, but somewhere between 8-12 weeks it naturally developed a pattern so it was easier to predict and I could generally guess that in about 30-45 minutes she'd probably be hungry, so I'd boil the kettle in advance so it was ready when I needed it (and then formula is fine once made at room temp for 2 hours, so even if she didn't want it in exactly 30 minutes, she certainly would in the hour after that, which would still be perfectly fine). But yes, you're right, the reason you boil the water is more to kill the bacteria growing in the formula (it's a milk powder based product, so prone to bacterial growth) rather than necessarily the water. I'm not sure if you're in the U.S. or the UK, but I have heard that American formula is sometimes pre-sterilised, so you don't necessarily need to sterilise with recently boiled water, but I would check the packet. Even as a scientist though, I would still be inclined to use hot water for a young baby because food contamination is so easy to do if you happen to have something on your hands from touching something else in the kitchen you scoop the formula out, etc.
Some people also get the Perfect Prep machine, which does it all for you. I didn't have one and got on just fine. I don't plan at this point to FF next time, but if I did, I would consider getting one just to make things easier. Remembering to boil a kettle is not too terribly hard with one, but once you have two, I can see the likelihood for error increasing!
For any times I was out of the house, I would use the liquid ready-made cartons and bring a sterile bottle. I insisted for about a month in making formula fresh when we were out with a thermos of boiled water and pre-measured pots of powder. But after 10 minutes stuck in a cafe bathroom trying to cool a bottle in a running sink of cold water while holding a screaming hungry baby, I decided, nope, I'll pay the extra for the cartons!