Probably correct. I don't know for sure however. Someone I know at Krylon said it would be as safe as the regular Krylon... but Krylon won't really tell you what's in it as it's proprietary. And of course they warn against it's use outside it's scope and around "live animals".
I made a Foam background for one of those Bizzarro 10 gallon Tetra/Marineland Half Moon deals and sprayed it with the textured stuff. Looks great. Waited 10 days, set up the tank, and cycled it.
Problem is that I keep losing animals in there. The only thing that has managed to survive is Pond and Ramshorn Snails. I've tested the water 9 ways to Sunday and I can't get a finger on it. I may put a few Red Cherries in there today to see if it's still a death trap.