Possible email SPF problem

We got this bounce message from a registration welcome email:

> Reporting-MTA: dns; mx.zohomail.eu 
> Arrival-Date: Sun, 20 Oct 2024 13:40:49 -0400 
> 
> Original-Recipient: rfc822; [removed for privacy] 
> Final-Recipient: rfc822; [removed for privacy]  
> Status: 550  
> Action: failed  
> Last-Attempt-Date: 20 Oct 2024 17:40:53 GMT  
> Diagnostic-Code: 5.7.23 <[removed for privacy]>: Recipient address rejected: Message rejected due to: SPF fail - not authorized. Please > see http://www.openspf.net/Why?s=mfrom;id=registrations@social.coop;ip=136.143.169.57;r=<UNKNOWN>  
> Remote-MTA: dns; mx1.simplelogin.co

Am I reading this correctly that the recipient's SMTP server mx1.simplelogin.co rejected our attempted delivery because of our SPF record? That seems plausible since the record is currently set to v=spf1 include:zoho.com -all ("allow zoho.com to send email and nobody else") since 136.143.169.57 resolves back to sender-of-o57.zoho.eu, not zoho.com.

Proposed fix: update the SPF record to be: v=spf1 include:zoho.eu include:zoho.com -all