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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.

Creating an Independent Public Ledger of Credentials (PLC) Directory Organization | Bluesky

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.