Yes, that's probably true.
In many cases, it works, and the hardware survives.
In other cases, e.g. where somebody connects a real RS-232 port directly to a micro serial port that uses 3.3-volt CMOS voltage levels and non-inverted polarity, it doesn't work (for several reasons) and there's often a quiet PHUT and a small leakage of magic blue smoke.
As Durano said to Londo Mollari, "The details are everything."