Yes, if this is a standard Y/D starter with O/L relay on the load side (in series with motor windings), of the main contactor. In other words if the O/L relay is seeing the phase currents of the delta conection then your statement is true.
Regularly on wye-delta starters the full load current of the motor is shared between two contactors ( 1M and 2M), then the thermal units must be sized for 58% of the full load ampere rating of the motor .