Yeah that's pretty much it.
I'll also add other theories I've heard
(that may or may not be true)--
Since TWOK, the Starfleet uniform was red. TNG wanted to at least keep some continuity with seeing captains in red (explains why TNG red is not TOS red but more TWOK red).
Also, to change up the running gag of expendable redshirts. Now security wore gold instead.