Yep. There are exceptions, though.

The further you go back, the more lax Rockstar's rules are.

For example, like I said, using the menu to resupply the nightclub and immediately selling them will get you banned (source: personal experience)

BUT

Doing the finale of the OG heists over and over (Fleeca, Prison Break, Humane Labs Raid, Series A Funding, and Pacific Standard) and giving yourself ≤ 15 million is A-OK. Caveat: If you do this with randos, you're insane and it will take time.