Partially true. The majority of denominations became as they are due to ecclesiastical and evangelical differences (More on this later, I'll say for now, that any institutions, run by human beings, will eviably fail).
The ones that were in relations to a disagreement with the Catholic church is only one, which is later named Lutheranism. The division of Protestant denominations began a time after John Calvin, which began with questions raised by Johan (John) Arminius. This sparked a debate with one camp defending what would soon be called Calvinism, and the other, Arminianism.