Yes. True.
There is another ultimate and higher purpose, though. As the very first book of the Bible says, " Be fruitful and multiply." God put us here and gave us all unique talents and equipped us with the ability to multiply. In the end, "be fruitful and multiply" is a core purpose to be added to "love and serve God" in our own unique way.
If we don't become "fruitful and multiply" it more or less means in the long run we will not be able to be here to "love and serve God."
By the way, most of our modern Western culture has clearly abandoned the "multiply" concept.
Right?
What makes being fruitful and multiplying higher than serving God? As we can see, many are F&M without a thought to or about God.
Consider Matthew 19:12: For there are eunuchs, that were so born from their mother’s womb: and there are eunuchs, that were made eunuchs by men: and there are eunuchs, that made themselves eunuchs for the kingdom of heaven’s sake. He that is able to receive it, let him receive it.
Some people are unable to have children, but there are those who decide not to “for the sake of the kingdom of God.” The next sentence indicates that this is a great sacrifice, only some are able to do it.
So I would say that serving God is higher than being fruitful and multiplying.