True, the basic idea remains but please keep in mind that the number is not always straightforward exponential due to pedigree collapse.

"This paradox is explained by shared ancestors, referred to as pedigree collapse. Instead of consisting of all different individuals, a tree may have multiple places occupied by a single individual. This typically happens when the parents of an ancestor are related to each other (sometimes unbeknownst to themselves). For example, the offspring of two first cousins has at most only six great-grandparents instead of the usual eight. This reduction in the number of ancestors is pedigree collapse. It collapses the ancestor tree into a directed acyclic graph."