Well no, at least, not right now. To get slashed, you would have to double sign on a consumer chain, then there would need to be a specific proposal type on the hub called an « equivocation proposal » that votes based on on-chain evidence to confirm that you should be slashed for double signing, and only then would you actually get slashed.
But yeah otherwise you’re correct, the soft opt-out removes penalties which returns choice to the validators.