Yes, that would be the case
To be honest, although I'm not the most experienced xPages developer (but then who is, it's still pretty new), I've done the opposite. Have data split between many databases but kept the design in one database then just used that to reference the data in other databases.
However, assuming you're not going to have multiple different databases, maintaining a copy of design elements in two different dbs from one template is pretty manageable, I've done that quite a lot in non-xpage apps