Yep, that'll do it.
Now, the question is, is the cylinder damaged?
With any luck, it was just a defective piston, and it didn't scar up the walls. If the wall is damaged but repairable, then you need to do all the cylinders.
I have seen engines with one cylinder bored larger than the others, and they ran well. But I would not trust it for long life.
Back in the day, we ordered a rebuilt short block from Fred Jones for a 371 Ford in one of our route trucks.
I was walking by it sitting on a pallet. Happened to look, and saw 7 pistons marked STD, and one marked .060.
It never came off the pallet.
Our truck engines had to run at least 200K to be profitable. With 300K being being expected.
The old 360s would give good service for at least 300K, we would do an inhouse rebuild, and get another 300k.
By that time the truck was worn out.
Never got that with the 371s. Crappy engines.