Yeah, this is it. They aren't going to go bankrupt if they stay down and nor is that likely that they'll fall so far foul of the regulations that they end up under an embargo or facing financial/points penalties.
However - their income reduces drastically next season in the event of failing to get promotion as they lose around £18m p/a of parachute money. All the loanees will go back which leaves a gaping hole in the squad, ordinarily you'd look to fill that by selling 2-3 players and funding a rebuild...but they've got bugger all to sell apart from Grealish. And they're still committed to a number of players on silly money that they can't get rid of.
They've bet the farm on this approach by Bruce which is ridiculous, go up and they need a total rebuild, stay down and they need a total rebuild. Just as well their owner isn't a complete $#@!ing moron, really.