Precisely. I understand it like this: if the United States has some $18tn of debt and it has to pay this back in dollars that are more valuable than they were when the debt was issued, that debt load quickly becomes unserviceable. However, if they successfully inflate away some significant percentage of the value of the USD, the nominal debt remains the same but it becomes lighter in real terms.
Pippa Malmgren - correctly, I think - describes this inflating away the value of the currency (and by extension, all outstanding debts) as just another form of default, and one that has been used many times in history. It's just more stealthy than saying "we can't pay, so we won't pay" or something similar[0].