That’s certainly one way to read it. The states were in disagreement about more than just slavery, though. There were also issues about manufacturing/mercantile interests vs. agrarian interests, taxation schemata, expansion to the west, etc.
Some of these issues pitted large population states against small population states, uniting (for example) New York and Virginia against Vermont and S. Carolina. The small states wanted a voice in the Legislature equal to the big states. The big states wanted nothing of the kind – base it on population. The Great Compromise split the difference, with the big states getting the lagniappe of the House being the required origin of all revenue bills.
Personally, I believe it is a mistake to view slavery as the only issue determining the shape of the American polity. It was an important issue and even one of the most important issues in that it exacerbated other problems (like westward expansion and taxation and interstate commerce). But many of those other issues would have remained in the absence of slavery.