yes it is true , if you are using 8051 family , timer counts one up each F/12
but if you are using a compiler , when you say wait for 1s , you should say how much your osciator frequency is . then compiler calculates number that should be loaded to timer and places it in your program .
if you change oscilator frequency , for example if you enter 12MH in your compiler as oscilator frequency , and when you are using MCU , you use 24MH crystal , then 1s would be 0.5s.
regards.