Yes, that's right.

Uniform spheres have no overall magnetic moment at all, all the north and south poles cancel.

The discrete sphere like shown above will have fields at close ranges, but the spheres will rotate until the north poles and the 'holes' (they're actually really south poles because the field lines converge there) in between line up and then they will suck towards each other until they touch. If the pitch of them is such that they can't all line up simultaneously, then the attraction and repulsion will cancel, and there will be no overall attraction, and they will just fall under gravity.

The maths behind Earnshaw's theorem is only little more than simple calculus. It's actually harder to see why it won't work in particular situations, than why it won't work in the general one.