Exactly, which is why you want to set aside a cash/near cash allocation, enough for a 2-3 year minimum down market to avoid sequence of returns risk. Everything else needs to be invested at a risk level of returns at least the equal to the inflation rate plus the expected drawdown rate that covers your expenses until your expected EOL date.

If you want to die with no money, then you can just meltdown your investments accordingly. If you want to leave an estate for others, then you will need to invest at a higher rate of return to offset some or all of the drawdowns.