This is correct. However, European countries don't appear to apply the same rigorous measurement of student employment. So we have the great differences shown by the chart posted by Melanchthon upthread.

There, Danish under-25 inactivity is cited at less than 30%, which means, not only that a lot of students also have jobs, but that the fact is carefully recorded.

France, otoh, shows the reverse (not in the chart, but the numbers are well-known): around 70% under-25 inactivity - as if no students had a job, which is simply not the case. INSEE says that their Labour Force Survey counts students with jobs in the workforce. Something is going wrong in the recording process?