This is partially true. If you misspell a word, it will auto correct. If you press backspace, the autocorrected word will still be there, but you can also tap

This is partially true. If you misspell a word, it will auto correct. If you press backspace, the autocorrected word will still be there, but you can also tap to choose what you actually typed or a different suggestion. And if you backspace again, autocorrect will temporarily disable itself so you can fix minor typos.