True, but the full saying is, “I before E, except after C or when sounded as A as in neighbour and weigh. And weird is just weird.” There are still some exceptions to this rule though but most of the time, it’ll work.
There’s also a version that was taught to some people that goes like, “I before E, except after C, for words sounding like E” which worked most of the time too back when that saying was made (since we use more words of Greek origin now that break this rule).