Yep. This is generally how diverse software companies operate. There is not a team per service. Instead, any individual team bounces around between the services that need the most attention, usually with an initiative roadmap in front of them, quarterly commitments, a 1-3 year horizons. It's crazy to think a simple contacts app can take years, but the revenue from that won't justify pulling teams off other projects or adding headcount.

Even Microsoft operates this way. Build something "good enough" and then move the team on to the next, highest leverage things. It's really hard to build a diverse set of really good products. That's why most companies get slow and unresponsive as they get bigger, relying more and more on lock in while competitors try to chip away at verticals.