Yeah, that's right. The production network's data layer (Personal Data Servers) are architecturally federated now (i.e. there are multiple PDS hosts) but still operated by a single organization (Bluesky Social, PBC), so it's still centralized.
The goal in early 2024 is to enable federation with other PDS hosts, so that users can choose where they keep their data (posts, likes, preferences, etc).