That is correct .. the reason they went to the ratchet type tensioner is b/c the oil bath ones would bleed down when the car sat for a while and had to refill when the engine was started to get the chain tight again.
So, the famous chain rattle when first starting on these old tensioners.. Many a chain would snap/jump at this first start up condition.
The rathet simply does not allow the pin to retract , regardless of any tensioner faults.
Much better design.................