Yes, that is correct. She is under the same restrictions as the beetle when moving across the hive. Here is what I believe to be a correct and complete discussion of these restrictions.
The Ladybug moves three spaces; two on top of the Hive, then one down. It must move exactly two on top of the Hive and then move one down on its last move. It may not move around the outside of the Hive and may not end its movement on top of the Hive. Even though it cannot block by landing on top of other pieces like the Beetle, it can move into or out of surrounded spaces. It also has the advantage of being much faster.
Does anyone else think this is poorly written? How do you get from stepping down on one turn, to on top of the hive the next turn? I assume it means to step up one, like the Beetle, then one more then back down.
