Yes you’re reading well, recently, Microsoft has announced an increase of Storage Allocation and we will have an 20x increase in the SharePoint Online per user license storage allocation. This means that we’ll obtain 10GB for each licensed user instead of the initial 500 MB.
I think that this is a great new, because you have to be aware that all the O365 services like Teams or O365 Groups, consume space from the SPO storage.
The roll out will start in July and is pretended to be finished in August, so stay vigilant!
You have more information in the following link
Albandrod's Memory 