alt Hacker NewsYes, this is basically correct. When you start writing a game with MonoGame, all you get is basically a class with two methods, Update() and Draw() that MonoGame will be calling in a loop, plus a bunch of libraries for input, graphics, audio, content loading etc. you can use in your code. It's a step beyond something like bare raylib or SDL2, but it's a far cry from Unreal, which lets you think in terms of game entities from the very start: "here's the map, here's where the player will spawn, here, add some buildings and you can run around them".
With MonoGame/XNA/FNA, LOVE2D, libGDX, HaxeFlixel you are getting a bunch of tools instead, which is probably not bad if you like coding and your game doesn't fit into one of existing popular genres.
I think a lot comes down to whether a game is art-first or code-first, and almost all modern games are art-first, so it makes sense to have your platform be one that artists and designers are immediately productive in, and the software people are basically writing behaviour modules and plugins for that established system.
But it's good that code-first engines still exist. There are always going to be projects that are more experimental, or don't have a clear pattern of entities, or are dynamic enough that that kind of thing doesn't make sense.