Within America, yes that's correct. I imagine there will be a few wrinkles along the way (will Tsuburaya insist on hard subs just so it will be really obvious if Chaiyo try to bootleg there releases in other countries?) but the American market is likely to be freed up.
But believe it or not Americans don't decide the law worldwide. So for example in China where Chaiyo previously tried to produce their own Ultraman series, this court ruling makes no difference whatsoever to the current state of affairs over there.
There's also a few other details to work out. If Crunchyroll decided to stream Taro, would they be able to release it in every territory outside of Asia as they have with all the Ultra shows so far, or would they have to region lock it to the US only?
TLDR while I'm cautiously optimistic, there's still a whole lot of details to work out. It isn't as simple as "yay it's over". Legal matters never are.