Cancelling apple music: do I need to keep iTunes Match?

I am thinking of cancelling Apple Music for the family as we don't play much music. It's a monthly subscription. I have iTunes match which is paid annually. From what I've read, if I cancel Apple Music, I would lose access to my playlists and downloaded music, including stuff I have paid for and my own stuff that I have ripped off my CDs, UNLESS I keep iTunes Match running. With iTunes Match I would retain access to playlists and music across all devices. The difference would be that any music I liked but didn't already own I would have to pay for whenever I wanted to listen to it. Have I understood the position correctly?