This is what I understand as well. I have been using it (well, specifically streamio + Rd with torrentio addon) for half a year so far and it’s fantastic. Definitely seems too good to be true, but there’s no catch imo :)
There’s only 3 cons which for me aren’t big deal breakers unless it’s important to you
No auto renewal
Not free, it’s like $6 for 6 months or something which imo is insanely affordable and an incredibly good deal
If you watch on multiple devices but at the same time, you get banned
EDIT: As I was corrected below, bullet 3 only applies when under the same IP using different external IP addresses