You are correct. In order to print a model in the Community Edition you simply have to export to a PDF first. Once you have the PDF file you can print that.
It is the same approach as for the reverse engineering feature. In order to get a nice and hand workflow you should get the Standard Edition and support the project that way.
If you do not want to do that, you can always use the Community Edition and a few additional steps to achieve the same result.
You can read more about our motivation to keep some features in the Standard Edition on this Blog entry:
http://dev.mysql.com/workbench/?p=13
Hope that helps,
Mike
Michael Zinner, Team Lead, Developer Tools
MySQL AB, www.mysql.com
Are you MySQL certified? www.mysql.com/certification