True. Oddly enough the Wikipedia calls them Improved Tegetthoff class. Looking at the name, Ersatz Monarch would mean it would replace the Monarch class battleships of the Austro-Hungarian Navy.
Here's another Austro-Hungarian battleship: The Ersatz Monarch class which was meant to succeed the Tegetthoff class (hence their informal name Improved Tegetthoff class. Featured 14-inch guns in 2 triple and 2 twin mounts.