Yes, that is correct. The locator provides load and connectivity information back to the client that is now able to connect to one or more servers either for direct access to a bucket for low latency queries but more importantly, is HA - can failover and failback.
So, yes, your connected clients will continue to function even when the locator goes away. Note that the "lead" plays a different role than the locator. Its primary function is to host Spark driver, orchestrate Spark Jobs and provide HA to Spark. With no lead, you won't be able to run such Jobs.