This exactly. And with modern approaches (not that it's not without a fair amount of effort), you can achieve both an MPA style with SPA features via "isomorphic" JS (SSR).
The converse is also true, you can add a lot more interactivity than you used to in a server rendered HTML world with stuff like LiveView in Phoenix or Hotwire in the Rails world.
I think a good heuristic is looking at whether the UX of your app feels more multi-page or single page, that should be a pretty big factor in your decision.
