It is correct, the official stickied blizzard post about trust levels and their requirements is: New Forum Guide - Syntax and Features
As another poster said some thing things have been lightened related to suspensions, but otherwise it is accurate.
Some have trust level 3 despite not meeting the requirements due to having the Shadowlands Beta on their account as Bluster had said, it gave Trust Level 3 to all characters on the account, and hasn’t been removed since.
Link is above