More or less correct. The PS3 Cell was a POWER derived CPU, which was essentially a server class CPU. It ran at 3.2 GHz, and had 7 usable cores (the 8th was disabled to improve yields). Peak processing caps out at 240 GFLOPS, though typically, ~160 GFLOPS was more common due to difficulties with the Cell architecture.
By contast, the PS4 uses a low-power X86 derived APU, which has a much lower clockspeed. Peak CPU processing caps out at about ~105 GFLOPS.
The PS4 has a much more powerful GPU and much more RAM, but the CPU is a significant downgrade over the Cell. It is something to watch going forward if the CPU is going to become a major bottleneck, but maybe this is why AMD invested in Mantle?