That's correct. Remember that cutouts and frames are image edits and not print add-ons so they are applied to the image. You could then decide to print that image at any print size so the frame that got "stamped" on the image gets resized since it is part of the image.
Attached is the change: new on the top, old on the bottom. I intentionally created a very wide image and then applied the wood frame.
P.S. The next version will have improved frame logic so that even though the frame might get scaled like the image, the edges don't get distorted if your image differs significantly from the frame design WRT aspect ratio. So that will make one variable easier.
Regards,
Mike