Yes, it's very simple to understand. With only ADS-B in you receive air-to-air from ADS-B out equipped traffic on 978 or 1090 or both, depending on your receiver. You do not receive any of the traffic that is being transmitted via the FAA ground station. In most cases, that is the majority of the traffic. To receive that traffic, you need ADS-B out to trigger the ground station to send the traffic to your receiver.
That said, if you are flying in close proximity to another aircraft with ADS-B out, you might receive the ground station signal that is being sent to his aircraft. However, depending on his position relative to you, you might not see traffic that is close to you, but not close to him.
To me, ADS-B in only is probably worse than no ADS-B for traffic.