Correct... kinda.
Technically it depends on the film stock you're using and the time of day. Leitz New York published this table in the 1930s showing how filter factors can vary from film to film. All the "Filter No. 0, Filter No. 1" in the daylight sections are various grades of yellow filter; I also find it interesting that UV filters supposedly necessitate a 1-stop change in exposure on some films!
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And here's a chart from Wikipedia to help convert filter factors into "stops":
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Modern films are (mostly) a lot different to the film stocks being used back then with regards to colour sensitivity and the like - but it's still going to vary wildly from film to film, so it's worth testing with your most commonly-used films. I seem to remember the original Acros having an unusual response to certain colours compared to, for instance, HP5+.... and, of course, Ortho films are a totally different kettle of fish from the "regular" panchromatic stocks.
I had one particularly derpy moment where I tried to use an orange filter on Ortho film with a standard two-stop exposure adjustment, only to get a blank frame for my trouble. Felt like a right idiot when I realised what I'd done!