Not quite. The idea is that once entangled, they stay entangled after being separated physically. So changes made to one happen to the other. Of course, the distance we've successfully maintained entanglement is limited still because lots of things can happen while moving them, but theoretically there is no maximum physical distance. I think the current record was less than 100 miles. So if the particles are entangled, then separated by a kilometer then the state of one particle is altered, the second particle is instantaneously altered from our frame of reference. You don't change the value and then move them, you move them first and then change the value.
Problem is that measuring the current state of one particle inherently changes the current state of both particles instantaneously. So, how do you tell the person with the other particle the state you measured. And when the other side measures that change, they then change it again in both particles.
Basically, we haven't 100% figured out exactly how to take advantage of this instantaneous change without exchanging additional information which is then limited by the speed of light. So potentially, yes it's possible that instantaneous communication might be possible if we can figure out a way to measure without changing the state. Possibly by measuring some side effect of the change like a medium that reacts when the particle changes state that can be measured without affecting the entangled particles.
And while it is true that entanglement doesn't violate the speed of light, due to relativity, it does appear as though it does to humans on Earth, and for all practical purposes we might use it for, it does as long as the observers at both ends are in our familiar frame of reference on Earth. So, if the particle could be safely moved to a space station around Jupiter for example, without messing up the entanglement, and we figure out a way to read the state without affecting the particles' states, then there could be instantaneous communication between Earth and Jupiter, instead of taking 35-52 minutes at light speed.