Yeah, basically. It's the default way to play Magic.
No one ever really liked Standard*, and without GP/PTQ circuits or even just FNMs to force people to play the format, there's no real reason to do so in paper.
Pioneer is WotC's unloved stepchild format, though to their credit they did remember it existed for long enough to ban Amalia.
Modern is a ridiculous clusterfuck whose metagame evolution is driven almost entirely by Modern Horizons sets soft-rotating the format (and then bans cleaning up the most egregious cards). It's the sort of format you play because you're an enfranchised player who doesn't want to play Commander or because you're a masochist.
Legacy has many of the same problems Modern does, and for many of the same reasons, but it's also one to two orders of magnitude more expensive.
Vintage hasn't been a 'real' format in a very long time. If you own Power and have more money than you know what to do with, just play Old School, it's more fun anyway.
*It's telling that even players who claim to like Standard actually tend to like a particular Standard and will drop the format when rotation happens. I would personally play a Historical Standards format if it was CHK-RAV, RAV-TSP, or INS-RTR, but I won't touch current Standard with a twenty foot pole.
