This is correct. You can get a more accurate feel for things if you mouse over the very right hand side of the graph, as shown in the picture that BitCryptex shared.

As you can see from that picture, when you mouse over it tells you the sum of all the values above each band. So although there are 37.839 MB of transactions in the mempool, only 1.859 MB of them pay more than 2 sats/vbyte.

If you want to be confirmed within the next block, then I usually aim to pay within 0.1 MB of the tip of the mempool. In BitCryptex's picture, that would be 170 sats/vbyte. However, a fee of only 80 sats/vbyte would put you within 1 MB, and 2 sats vbyte would put you with 2 MB, which are both fairly good bets for getting confirmed soon.

Using this graph also lets you see the recent trend of the mempool. If it is rapidly filling up, then you'll need to pay higher than you otherwise would for a rapid confirmation. Conversely, if you see it steadily emptying, then you might be able to pay lower and still be confirmed relatively quickly.