Yes, you are correct. Satellites in orbit around massive objects, such as the Earth, experience both gravitational time dilation and the effects of their orbital velocity, which cause them to experience time differently compared to observers on the surface of the Earth. This phenomenon is predicted by Einstein's theory of general relativity.
Due to the combination of gravitational time dilation and the velocity of the satellite, the clocks on board the satellite appear to run slower relative to clocks on the Earth's surface. This time dilation effect has practical implications for satellite-based systems that rely on precise timing, such as GPS (Global Positioning System).
To ensure accurate timekeeping, satellites equipped with atomic clocks, which are highly precise timekeeping devices, need to account for the effects of time dilation. They are programmed to adjust their clocks to compensate for the time discrepancy caused by these relativistic effects. Without such adjustments, the time measured by the satellite's clock would gradually deviate from the time on Earth.
As a result, satellites typically perform clock recalibration or synchronization procedures at regular intervals, often every 24 hours, to account for the effects of time dilation and maintain accurate timing for their operations.