Correct. It's a masterpiece that starts from questions such as "what are the limits of humankind?", "are there things that Man should not be able to do, limits imposed upon him by God?", "would you violate those natural laws for those you care about? And what price would you be willing to pay?". Then it addresses themes that include trauma; guilt; love; hate; revenge; racism; atrocities; humanity; transcendence; totalitarianism; joining a warped system for personal reasons; war; God's privilege as creator, and whether science should let Man take up that role; ambition; etc.
The newer anime, FMA: Brotherhood, is closer to Arakawa's manga so it's the default recommendation to make to people who want to watch the show. However, I'm quite fond of the first anime adaptation that took liberties and made changes - including major ones - but mixed in some really cool ideas that offered a grittier take (and I like its color palette better). And of course I saw that one as a kid and it resulted in some of the most iconic moments of my childhood. But the first adaptation botched the ending.
In the end, both provide different but IMO equally valid takes on FMA.