Correct! This is why trad bishops are essentially sacrament dispensers and nothing more. It is an odd historical development because they do not even hold or claim to hold titular sees.
Even the notion of a "Chor" or "Auxiliary" bishop took a bit to develop in the Church. They too had no jurisdiction, which is a bit tricky since the very term "episcopos" implies having authority over priests, but were merely consecrated to assist bishops as Sacrament dispensers (for the most part), the difference being that they were at least "attached" to a bishop. This is actually another argument against the validity of the New Rite of consecration. Even if you can untangle the linguistic mess that is the form, the reference is to having authority (vs. the Traditional Rite of having the summit of the priesthood), which rules out its use for creating auxliary or chor bishops without jurisdiction, and is consistent with Father Cekada's argument that the closest analogy in the Eastern Rites (as alleged by the defenders of the form) is with a rite for the installation of a Patriarch, not the consecration of a bishop.