Yup. That (and plate tectonics) is why Mons Olympus is on Mars, not Earth.
someone on reddit shared some math
That pressure could be written
P = rho g h
where
P is the pressure on the base,
rho is the density of the rock,
g is the surface gravity of the planet, and
h is the height of the mountain. If
P is the breaking strength of the rock, you'll find a cool relation:
h g = P/rho
Since
P/rho is just a constant, this relation tells us that
as the surface gravity of the planet in question increases, the maximum size of a mountain it can support decreases.
This also tells us
h g must also be a equal to a constant, which lets us relate the maximum height of mountains on planets of similar compositions but with different masses:
h_1 g_1 = h_2 g_2
You can do something
really cool with this. If you take Mt Everest to be the tallest mountain that can be supported on earth, and if you know that Mars surface gravity is 2/5th of earth surface gravity, you can actually calculate the height of Olympus Mons, which is the tallest mountain on Mars, if you write
h_everest g_earth / g_mars = h_olympusmons
5/2 h_everest = h_olympusmons