That’s pretty much my understanding too, but I’d like to point out that conscripted labor is pretty analogous to a tax. My contemplation on the subject:

I think equitable taxes are good when the revenue is used for things that benefit society.

I don’t know how equitably the labour was conscripted.

I don’t think enormous pyramids are good for society, but on the other hand I don’t know how ancient Egyptian workers would have felt about the topic.

I suspect that the Pharoahs weren’t very concerned about how the workers felt about the topic.