I’m not sure most physicists would make that specific distinction between "theory" and "model". We know QM is wrong or at the very least incomplete as long as there’s no theory of quantum gravity. Every theory, like every model, has a domain of applicability and gives wrong or even nonsensical answers when applied outside its domain.

What a theory is, is more like a model (or maybe meta-model) with a particularly broad scope or high explanatory value, often a mathematical framework that gives a common foundation and theoretical justification for multiple experimentally-derived models.