Essentially, yes.
I believe that there were social/economic issues developed with that generation due to the hyper-birth rate. So when they matured to a crime-committing age, it was a (literal) crime bomb. Once that generation sorted itself out, aged, or died, the crime rates decreased. We also had multiple deflationary factors after that generation such as the growth bust, abortion, education, ect.
Here is a chart of US live births during the 20th century:

Now lets look at the crime rate per capita - sadly, just from the early 60s:

Looking at the data, if you add 18 years to the birth rates, you get the potential 'crime increase' years of 1965 through about 1990 - using years that birth rates were >2.5 per woman.
What years did crime have the worst increases or sustained rates of horrible crime? 1965 to 1990. Likewise, once birth rates saw major decreases in the 70's, we saw a continual reduction in crime during the 90s. It may also help us understand future crime rates - that is, that we should stay relatively low.
Just something to consider.