Correct.The current PR card will be valid for some time after the new one is issued. So no worries there. I think the validity is 60 days, but don't quote me on that..
https://www.canada.ca/en/immigration-refugees-citizenship/services/application/application-forms-guides/guide-5445-applying-permanent-resident-card-card-first-application-replacement-renewal-change-gender-identifier.html
Important information: Upon issuance of a new PR card, your existing (or old) PR card will be invalid after 60 days following the date of issuance of the new card.
One example would be a PR that has applied to renew their card, that still has at least a few months (9 months left is when people can apply for a new card) before it expires and don't receive it within that 60 day window. Even though the expiry date on the old card hasn't passed, the old card would in fact be invalid.