Somewhat correct. The challenge becomes informing your followers of your new account.

Instance mods can block entire instances, making it possible for an instance (or set of instances) to become isolated from the rest of the Fediverse. At that point, those instances might as well be a completely different site, since they'll no longer communicate.

And I somewhat expect that to happen. Many instance admins will block instances that become known to be cess pools of hate speech.