That is broadly correct. Floating point values that are close to zero can represent extremely fine granularity. Values that are far away from zero (large positive or negative) cannot represent fine granularity. The floating point format has a continuously-varying trade-off between high precision at the small end vs. huge absolute values at the large end. For example, a value near zero can distinguish between values trillionths of a unit apart, whereas very large values (far from zero) can only distinguish between values that are millions (not millionths) of units apart.
If a unit (numeric value 1.0) is an inch, then a detailed numeric representation of a machine screw could accurately hold points of the #2-56 threads with no problem. Even the locations of the inner parts of a bacterium could be represented no problem, so long as the bacteria was somewhat near the coordinate system origin. Let’s say the coordinate system origin is on Earth. If the bacterium or screw were to be translated (moved) to the Alpha Centauri star system (which is about 10^18 inches or 1000000000000000000 inches away), the details of the object could no longer be numerically distinguished but its overall position could be represented.
Here is a reply I posted a while ago about the behavior of floating-point numbers as used in computers.