That is correct.
To quote HP: "A RAID 5 logical drive fails if two physical drives fail. "
The higher number of physical disks you have in the array, the higher the chance of a critical failure (weaker redundancy)
Next quote: "A RAID 1+0 logical drive fails if any two failed physical drives are mirrored to each other."
Meaning this one could fail if two physical disks fail, but it can also survive with up to half of the physical disks failed.
Reference:
http://bizsupport2.austin.hp.com/bc/docs/support/SupportManual/c00729544/c00729544.pdfPage 76