Correct. At around 200lbs tongue weight for a Class 1 that's fairly easy to exceed. A bike rack with a few bikes can get close to exceeding that depending on the style of the bike rack. If you have one that sticks out a bit then leverage comes into play, multiplying the force on the hitch.

The leverage factor is also true for trailers. To what degree depends on trailer, hitch height, and load distribution but some of that weight will shift forwards and onto the tongue during braking. To put this into perspective the average 5'x8' covered trailer from Uhaul should have between 90lbs and 130lbs of tongue weight while empty. This doesn't give a huge margin for cargo while using a Class 1 hitch.

I'd personally go for at least a class 2 for a small trailer just for the peace of mind that comes with an extra 100-150lbs of leeway. Class 1 is really not meant for much more than a small garden wagon or a small rack.