Is this correct?

An example of fair use was in the case of Campbell v. Acuff-Rose Music (92-1292), 510 U.S. 569 (1994) in which the band 2 Live Crew altered the lyrics of Roy Orbison’s “Pretty Woman” as social commentary gender stereotypes and objectification.

Yes, that is correct. The Supreme Court ruled in this case that 2 Live Crew's parody of "Pretty Woman" constituted fair use under copyright law.