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That’s correct. PLC is being split into an independent entity but that is ongoing: https://docs.bsky.app/blog/plc-directory-org
It’s worth noting that PLC can’t fake your data because each edit is recursively signed. So you can verify a chain of updates. However, PLC can in theory deny you service or ignore your updates.

The Bluesky Social app is built on an open network protocol that refers to each user by a unique Decentralized Identifier, or DID (a W3C standard). The most popular supported DID method was developed in-house by Bluesky Social, and is called "Public Ledger of Credentials", or PLC. The PLC identity system currently relies on a global directory service to distribute identity updates, and that directory service has been operated by Bluesky as well.