Correct. I'd add that with ARC (or ORC even), there's little reason to do manual memory management (alloc/free), even for embedded systems. ARC is an automatic memory management system based on reference counting, but there's no "runtime". It actually injects alloc and free calls at compile-time based on static analysis.
ORC adds runtime GC only for cycles, and will be the default in Nim 2.0.
Contrast to a language like Zig, which has a standard library and syntax built around the idea of manual allocators and what not, but is missing the "ease of use" of GC. Personally, I agree with GP, and like Nim's compromise of GC with a "I know better, let me do it manually" syntax, but there are domains where you want a language like Zig.