Pretty much. At this stage, I don't want anyone to feel left out, but after a certain point, trying to define more points on the spectrum of human gender expression and sexuality gets into diminishing returns. Even with the traditional colours of the rainbow, where does blue end and indigo begin? The labels exist to make it easier for people to talk about things and describe the world around us. Unless there is some specific nuance someone is trying to capture, LGBTQ+ should get the point across with the Q and the +. Technically, I think you could get the point across in most use cases with something more succinct than that, but that seems to be what has been established.

Still, I can totally get that someone can feel left out being lumped into the +, so individual use will and should vary. I still rail against the inefficiencies of common language though. The concept is simple, people who aren't in the big main hetero & cis sections of the spectrum.