I believe so. I don't think CDMA has been a thing for awhile.
Also, this is the first 5G modem Apple has used so it doesn't include all the 5G bands which are coming in line.
Already, Qualcomm has announced newer modems with support for more bands.
If we were able to travel internationally, we might find that iPhone 12 and other current 5G phones sold in the US may not be as well supported overseas.
On Tuesday, Apple is expected to announce new iPad Pros with 5G options. But I believe they might use the same modem as the iPhone 12. So I'm thinking of waiting another year before buying a 5G iPad.
But without CDMA isn't much of Verizon's national footprint pretty much non-existent?