Yes, you are correct.
Failover on ASA firewall is only on the ASA firewall itself, ie: all configuration synchronization, xlate table, state/session synchronization is only for the ASA itself.
The IPS SSM module will need to be manually configured on each module, have unique management ip address and signature update will need to be individually configured to update. No synchronization happens as far as the IPS SSM module is concern.
Because the traffic to be inspected by the AIP SSM module is configured on the ASA, when the ASA fails over, traffic will continue to be sent towards the AIP SSM module to be inspected. However, you just have to make sure that the AIP SSM module is configured on both.
Hope this answers your question.