Yeah pretty much. Also why do you want to lose?
Is it still sandbagging if.....


If you are 1800 and start from 400 on a new account, you just play some games against random users outside tournaments until your rating stabilises at 1800 - it is ok
If you are 1800 and start from 400 on a new account, you begin to play in tournaments immediately, win a dozen of medals in a row while your rating is low - it is not ok
If you have an account with 1800 and create another one with 400, you begin to play in tournaments immediately, win a dozen of medals in a row while your rating is low, get banned, create another one with 400 and so on - it is might be a reason to call a doctor
Is it still sandbagging if you just wanted to lose on purpose for fun in an unrated game?