Yep, such is the case in my house. The “main” sticker is actually deadly IMO because all of the high voltage crap is still live.
The use of the word main is something that is often misused. The NEC requires that a service disconnect actually be labeled to somehow indicate that it is a “service disconnect”.
Part VI. Service Equipment — Disconnecting Means
230.70 General. Means shall be provided to disconnect all conductors in a building or other structure from the service-entrance conductors.
(B) Marking. Each service disconnect shall be permanently marked to identify it as a service disconnect.
I use “Main Service Disconnect” (is located …). Homeowners want to talk about the main breaker; this covers all bases.