By and large, yes. Autocorrect uses the built in dictionary, but it has to have a lookup cache or database of the things that you've actively corrected it for when typing. As I mentioned, any text field in any app flagged as secure is dis-allowed from any such caching (secure autofill fields can be populated from other cached data though, such as iCloud keychain fields in Safari).
Also note that even the autocorrect cached data, on devices with a fingerprint sensor and running iOS 9 or higher (maybe even 8, but my memory of some of these changes gets hazy as time passes) is encrypted, as is all user data on new(er) devices.
To be honest, if you are worried about caches of things you type, it is 3rd party keyboards to be wary of. And it's not local caching to be worried of there, but those that send data to developers. While there are legitimate uses of such data by developers, and they will collect it anonymously, it is something to check out before you install or use any 3rd party keyboard if you feel uncomfortable about anyone else knowing what you type (some also, if you enable full access data collection, send location data, and other data as you type and use them). Although, to be accepted into the App store, any 3rd party keyboard/KB-extension must have a displayed privacy policy popup, so you know what it is doing when you install it. They do not, however, have to have the ability to disable data collection - they just have to tell you what they are doing if you use them.