Yeah, basically this.
From narrative PoV, sky split is used to indicate top tier advanced conqueror's haki clash.
Even after sky split, we had Luffy and Kaido making physical contact with each other, even though they were using advanced conqueror's haki all the time. Oda isn't super consistent with the "no touch".
@MonochromeYoru
We have to use more context/narrative to decide.