Yes. Conventional wisdom is to spend the money on glass, not on the body. A cheap lens cannot resolve what the expensive camera is trying to accomplish. A lens you don't own due to budget constraints cannot resolve anything.
And yes, bodies depreciate like a new car does. And worse, they become obsolete faster than they wear out unless you are a working-daily professional. Lenses hold value well, and they last much longer than a body. And if you buy a used lens, you can probably sell someday for what you paid for it, or even more.