Pretty much. Google manages everything. It handles Auth, which ties into the rules for accessing Firestore (the db), and you've got Functions for any code that needs to run server-side.
All with libraries in a lot of languages to make it easy. Pretty solid product with a cohesive experience and a generous free tier.
Naturally, you'll pay an exorbitant amount once you start to scale and realize you've been locked in.
Huh! I just spent an hour diving in and I see now.
Crazy giving up that much control of your product to a third party. I can definitely see the appeal to spike realtime/chat projects, though—they really leaned into that api design well. Selling out to google was a mistake.