This is precisely right. Many people can't understand this, and this severe example (45 degree angle over 145 yards of elevation change along the 200 yd flight path) does simplify what is going on. However, I would point out that even in this severe example, assuming shooting at a deer within 150-175 yds and aiming center of the chest (top to bottom), the deer is dead.

Therefore, in the vast majority of deer shooting within 175 yds, holding low of the intended point of impact isn't all that necessary. Many will even overdo it and miss the deer low.