Yeah, that sounds about right to me. The most effective approach does appear to be a hybrid of embeddings and BM25, which is worth exploring if you have the capacity to do so.
For most cases though sticking with BM25 is likely to be "good enough" and a whole lot cheaper to build and run.
Depends on the app and how often you need to change your embeddings, but I run my own hybrid semantic/bm25 search on my MacBook Pro across millions of documents without too much trouble.
For most cases though sticking with BM25 is likely to be "good enough" and a whole lot cheaper to build and run.