Correct. The decryption key is stored in the TPM and unsealed when specific criteria match (for example, booted from the correct drive, to the correct kernel file). Figuring out the correct values to tie it to is probably the worst part for a user, if you do it wrong it might just unseal because your EFI firmware binary hasn’t changed, which isn’t all that useful if someone is trying to break in with a live image.
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