Indeed.
An even more proper answer would also incude a caveat that regardless of impedance matching, S/PDIF is different that AES3.
In most cases of S/PDIF to AES3 it will work regardless of just a cable or with transformer. Regardless of either, it is still a technically flawed adaptation due to the subcode difference which is not addressed by cable nor by transformer. All going back to the point about if it works...