In the context you describe, absolutely correct, a wired
power source, whether it is a doorbell transformer,
a step down transformer plugged into a wall outlet, or simply line level 110v from a junction box.
The Ring Elite doorbell is POE, but despite that, unfortunately doesn't offer any great performance advantage over the Pro, being that it still relies on Wi-Fi for data, which many Ring users will tell you, can be frustratingly inconsistent. It's mostly a sleeker-looking version of the Pro, meant for a more integrated, permanent solution.