That's a close understanding, but not entirely.
By rule, Congress can use reconciliation three times per fiscal year: for a revenue bill (taxes), for a spending bill, and for a debt ceiling bill. They can do each of them via reconciliation only once, but they can combine them in a single bill (example being that a tax and spend bill uses up two reconciliation slots in one bill).
So, if Democrats used reconciliation to raise the debt limit, they cannot do that again via reconciliation until the next fiscal year, but they can still do a tax bill and a spending bill via reconciliation.
-PJ
I think you are right; it has been a long long time since I had any direct involvement with D.C. politics {news} and the stench has almost washed away. :^0