Correct !
If you have a digital amplifier that can decode dts and DD for you, the 5.1 outputs on a player (and hence an on-board decoder) are superfluous.
However, they can be used in conjunction with 5.1 speaker packages, and suitable ProLogic amps with the matching 5.1 inputs that can`t decode DD or DTS, so they`re not a complete waste of time.
Always better to stick to the digital cable route to your amp if you can :-)