This is correct. However, the Venturi Effect may provide a better explanation with respect to blood pressure.
The Bernoulli Principle describes the relationship between the velocity and pressure for a flowing fluid. The greater the velocity of the particles, the lower the pressure they exert on their surroundings.
The Venturi Effect describes the relationship between compression and expansion of fluids passing through a constricted space and their velocity and pressure. In the case of blood flowing through constricted blood vessels, the pressure decreases but the velocity increases as it passes through a constricted space. However, the pressure that the blood exerts on proximal (closer to the heart) arterial walls increases - this explains how narrowing of the arteries contributes to high blood pressure.