This is accurate, but I should also note that melee ships actually feel really powerful when going after cites now. Before, it was a 1:1 trade (melee ship attack for gold v. damage received) - if you hit the city once, you are virtually guaranteed to have it die next turn. Now, your melee ships can hit the city multiple times without fear, and can then turn around and mess up any ranged ships that try to ruin your day. In this way, naval combat does feel much different compared to land combat - on land, you don't hit with your melee units until the city is ready to go down. At sea, you want to blitz it and take it down with everything as fast as possible.
In the end naval combat will always feel a bit...odd as there are only two combat classes. You can't very well play rock, scissors, can you? (And no, this is not a bid to add a third combat class).