Yes, that is correct.
hwy
hwy means highway
Hwy
HWY is the abbreviation used in the US and Canada.
county highway
The abbreviation for state highway is SH.
The word highway can be written out fully as Highway or it can also be abbreviated. The abbreviation for highway is hwy.
The correct punctuation for "highway" is to simply write it as is, without any additional punctuation.
Hwy
Highway
Take HIGHWAY 1 (PACIFIC HWY) NORTH from Port Macquarie to HIGHWAY 44 (BRUXNER HWY) to ALSTONVILLE LISMORE and CASINO. Turn LEFT onto HIGHWAY 44 (BRUXNER HWY). # Take HIGHWAY 44 (BRUXNER HWY) WEST to Lismore.
Highway 1 is more scenic; Highway 5 is more direct.