Pretty much -- and just as with het -> bi -> gay, there are also many other options in the mix too. For example, for sexuality, there's pansexual, omnisexual, queer, etc; for gender, there's genderqueer, gender-nonconforming, genderfluid, etc.

Even a spectrum/continuum isn't enough, because it's linear. But we need it anyway. And then we need to keep adding and expanding. :)