Yes, that is correct. You can roll over any distribution still within 60 days of receipt.
If you were stuck with two distributions for which you still had the money to roll both back, you can choose which one to roll back.
But there is some damage control for the other one. You could convert it to a Roth IRA within 60 days, because a conversion is not subject to the one rollover limit. Your money would not be lost from an IRA, would not be hit with a 10% penalty, and your money would be in a more preferential IRA type, a Roth. It would eventually become tax free and would have no RMDs.