Yes, that is correct. If you do not have a backup of your wallet and something happens to your device, such as it being lost, stolen, or damaged, then you could potentially lose access to your coins forever. It's important to create backups of your wallet regularly and store them in a safe and secure location, such as a hardware wallet or offline storage device, to ensure that you always have a way to recover your coins if needed. It's also important to make sure that your backups are up to date and that you follow proper security practices to keep your coins and private keys safe.