Yes this is pretty much correct. In a strong bull market like we have right now, you could pretty much lend your USD and get 20% APY. This isn't possible in a bear market. Even in a small bull market you would get close to 10% APY. Issue with bear markets is that you will get paid in ETH and the value of ETH will be lower than it is right now.

Remember what happened last time with ETH, it dropped like 95%. So even if you get 10% APY worth of ETH, the value of those ETH will be very low during a bear market. I also don't know why they chose 32 ETH to stake. Should of made it fair and kept it more at like 1 ETH. However I think when they were designing the POS staking the price of ETH was in the $300 range, so 32 ETH back then was like $10000 instead of $50K like it is today.

It would of been better if people didn't have to use staking pools because that only adds more degrees of error and fraud. So most likely most people won't stake their ETH at all due to all these issues which is too bad for decentralization.