Correct. Technically speaking, the knot strength of braided polyethylene is about 45% of the laboratory tensile strength. So the line will break at the knot.
The reason I say "technically speaking" and "laboratory tensile strength" relates to the test rating you see on the package when you buy the braid. If all braid (or all nylon monofilament) was rated at the laboratory strength, then the shortfall would be obvious. Lots of fishermen would raise a hue and cry, and the line wouldn't be popular ...... especially at the price it is now. So companies de-rate the line.
I'm sure you've heard or read comments about braid such as, " ... it's actually much stronger ...." and , " ... the strength of this line is unbelievable! ..." This is because the companies want to de-rate the line to make the advertised test line up closer to the true knot strength. Then the customer gets what is "advertised" ..... not what is real, just what is advertised.
Good luck! jj