How most people interact with the technology today, yes. The technology is still very early, lots of startups working on making self-custody easy and safe enough for regular people.
You cant be locked out of Bitcoin, but you can be locked out of centralized services and companies.
This is similar to the many news stories that leave readers believing Bitcoin has been hacked, when in reality a centralized company custodying Bitcoin was hacked.
Sure, "not your keys, not your coins", but what good is that when centralization is the reality of how most people interact with the technology.