Not quite, but essentially correct.
He didn't create the position. But he was (seemingly) under opinion that it wouldn't be necessary to continue the position that existed before.
This is what he tells Harry in "The Order of the Phoenix":
'I did,' said Dumbledore. 'On a cold, wet night sixteen years ago, in a room above the bar at the Hog's Head inn. I had gone there to see an applicant for the post of Divination teacher, though it was against my inclination to allow the subject of Divination to continue at all. The applicant, however, was the great-great-granddaughter of a very famous, very gifted Seer and I thought it common politeness to meet her. I was disappointed. It seemed to me that she had not a trace of the gift herself. I told her, courteously I hope, that I did not think she would be suitable for the post. I turned to leave.'
Note the keywords: "continue" (meaning the position existed before) and "against inclination to allow" (meaning that, had it not been for hearing the prophecy, his inclination was to get rid of the class).
As such, it appears that the decision to keep the position was influenced by his desire to protect Sybil (or rather, the Prophecy, if we are being honest) in the future.