Yes, that is correct.
There is a slight exception, only in that some SMALL drives use what is called a "voltage doubler" on the front end to boost the voltage AS IT ENTERS the VFD converter stage. It is a rectifier that then uses capacitors to double the DC side (do a search on "voltage doubler circuit" to see a schematic). The now doubled DC is then fed straight through the rectifier in the VFD direct to the DC bus at a voltage high enough to allow the drive to deliver a PWM AC output at twice the AC input voltage. This is why you see SMALL drives offered here in the US with 115V input and 230V output, where 115V single phase is ubiquitous. Technically, this can be done at any size, and there are at least two mfrs that I have seen which offer this method on larger drives, ie that accept 230V in to run 460V motors. But the caps become ridiculous and a transformer is cheaper, so I don't know why anyone would bother.
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