Basically. The bit where it becomes a problem is where you have GMO crops that are genetically modified to have dud seeds, forcing farmers to buy new seeds every year, which is expensive. Also they can mess up weeds, because GMO crops are often resistant to pesticide (which allows farmers to use more, which is bad) and then cross-pollination causes the weeds to also be resistant, which means you have to modify the crops again or use more pesticide. That's when it's bad.
Good things: rice that has Vitamin A and other nutrients so that people can have nutritious food in poor countries, crops that yield more which means more food for everyone, vaccinations in the form of food, and all other sorts of things. The idea of "frankenfood" is bullshit - however, GMO crops have upsides and downsides.