Generally correct. Bishoprics and Stake Presidency have access to something called CDOL so they can look up leaders in other units. But even they can't see the full directory.
Also, if someone is added as a "out of unit member" then they can see the directory. Usually that for leaders serving in another stake, or children bouncing back and forth between divorced parents.
But if you're just wanting to find a old friend, your out of luck.
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