If you are projecting vector v onto w it will travel in the direction of w, hence "onto w".
You are correct that it simply a multiplication by a scalar.
If v = <3, 4> and w = <-5, 12>, then the projection of v onto w will be v1, where
v1 = (v dot w)/ ||w||2 w
We get:
v dot w = 3(-5) + 4(12) = 33
||w||2 = (-5)2 + (12)2 = 169
v1 = (v dot w)/ ||w||2 w = <-165/169, 396/169>
This gives a vector in the direction of w, such that a vector v2 (drawn from the head of v1 to the head of v) is orthogonal to v1.
You can see a diagram here: https://www.geogebra.org/geometry/jfkubjnw