Pretty much. Sometimes it aligned with other less-savory movements (like the backlash against disco, where a lot of racist and anti-LGBT forces co opted a long-standing "fuck corporate radio" movement) or became a pseudo-pop style unto itself (prog, grunge) - but "you won't hear the best stuff on the radio" has been the advice of in-the-know music lovers since way back when radio was the peak of mass media (blacks need not apply).