Yes, correct. One will need to contemplate the amount of devaluing within each token side. But if one stays on the pool for long enough, and at least one side of the token is strong, the potential opportunity is enormous even after large devaluations. Assuming no "trickery or treats stuff".
What I mean to say is... if the pressure changes, being inside that kind of pool still collecting fees, has a large advantage vs holding the token that devalues.
Not counting with rewards obviously. Which changes strategy again.