Yes that's right, and intentional. Section 2.5 of the white paper talks about one of the ways bloat in Bitcoin was improved upon (by not using a bulky spend and redeem scripts for standard transactions). There are other ways though too. The encoding in general is very compact.

(Also note by the way, that the above Monero transaction has 4 outputs but the above Bitcoin transaction has only 2. So the Monero transaction is smaller in encoding despite being functionally larger.)

Of course, this high baseline space efficiency gets offset by the increased space usage of stealth addresses and mixing, but were the protocol not designed to be very space efficient to begin with, the transactions would be much larger than they would otherwise be.