Yes, that is correct!

The three ways to reduce the SBD debt level (relative to STEEM price) are to:

• Convert SBD to STEEM via your wallet (as you described above)
• Burn SBD (by promoting posts)
• Raise the price of STEEM

The third way is obviously the best option, hehe - but from the perspective of an individual user, items 1 and 2 are the things you can do directly.