That is the case.
And engineered modules do not cost more, to rebuy, it is based on the purchase cost of the module, so if you have an A-rated module, it costs the same to rebuy regardless if it is engineered or not.
And on the rebuy and you do not have enough credits to pay for the full rebuy (default option), you have two more options to pick before giving up on your ship entirely, ie taking the free sidewinder.
First, you have the loan option, which is very useful for small ships and to help out with several of the medium ships, but to low for the large ships!
And if the loan is not enough, then you get the option to remove modules to push the rebuy cost down. So start with tossing away the un-engineered stuff first, then start with most expensive module and work your way down. that way, you only have a few modules buy new and then engineer again. So selling of a single module to be able to afford the rebuy is often much more time efficient over selling of 5 modules to be able to afford the rebuy. as now you have to gather 5 times the material to replace the lost modules!
And when you de-select a module, it gets replaced with a stock E-rated module. and I think weapons and utilities are removed. was a long time since I had todo thís.
So never fly without a rebuy..