That's my understanding. There will be no "unticketed" line because you can only access Fantasy Springs if you hold one of the three available tickets. The lines will be: Fantasy Springs passport holders, Premier Access ticket holders and Standby Pass holders (except for Tinkerbell's buggies for which a paid Premier Access ticket isn't an option).
I'm not sure how they will "group" them (i.e. whether FS passport holders and PA ticket holders will go into the same (quicker) line, with Standby Pass holders in a separate (slower) line). The fact that FS passport holders can ride as many times as they want could have a big impact on how quickly the lines move, depending upon crowd fluctuations and favourites.
I'm guessing they'll post the wait times for the "Standby Pass" lines so that people know whether to even bother getting into the line, although it's going to be challenging because whatever the wait time is when you score the Standby Pass will probably be very different to what it is when you're actually allowed to use it.
And the fact that anyone without a FS passport can't exit and re-enter FS could also throw things out of whack since they'll potentially have a greater incentive to wait longer in the Standby Pass lines (if they really want to do everything, since they can't exit and come back when the wait times could potentially be shorter).
It should all become clearer after FS opens on 6 June 2024.