Correct. And some people argue that it is already too large.
Discussion
Have you seen Eric Voskuil syncing the entire Bitcoin blockchain in ~40 minutes on a $350 computer? It's not *that* large anymore for todays tech. Core just sucks.
Yes what about storage costs falling. Is the same number correct in 20 years from now?
It's not only about the storage. In my view we need to explore and turn every stone to make tx's smaller and more scalable before even starting to think about the block size.
There's still a lot of possibilities..