Correct.
Unless the \define is in another tiddler, I don’t see how it can change without re-rendering the entire tiddler anyway.
If the macro is defined in another tiddler and either global or imported using $importvariables then yes, any change in it will refresh the entire tiddler it is being imported into.
Keep in mind that macros return strings, i.e. the wikitext is not processed. So if you are not using string substitution in your macro, you never have to worry about it changing.