Context is indispensable, but you're on the right track. If I say "it's my way or the highway," it means "I'm/We're/You're gonna do it my way no matter what. If you have a problem with that, get lost."
A restaurant manager complains behind the owner's back about him running the restaurant like a dictatorship. He has a habit of putting his staff down and refuses to take criticism.
Does "his way or no way" carry no implication of "get lost"? Or do they mean the same thing? I take it as a less harsh version of "my way or the high way". (If you don't agree with me, there's nothing you can do about it, but I don't make it clear whether you should get lost or not.)
"his way or no way" = [you do it] His way or [you do] not [do it] at all. There is no implication that the person spoken to should leave, so it is a different phrase from "my way or the highway". (NB it is one word -> "highway" (i.e. a road) not two words -> "high way.")