This is correct. Although at medium rare the conversion from collagen to gelatin is very slow. Most steak cuts are 'naturally tender,' that is they are cut from low work muscle groups. As such they don't require a lot of collagen conversion.
Even so, some people like their steaks cooked for 6 hours and some like 2.
The idea is to experiment until you find your happy zone. Record each experiment, time, temp, cut, finish and review. Enjoy the learning process.