The Shader Graph is not limited by the project's Render Pipeline.

The correct understanding of Shader Graph's relationship with the project's Render Pipeline is that it is indeed limited by it. Shader Graph allows artists and developers to create shaders visually, but the specific features and capabilities of those shaders are influenced by the Render Pipeline being used, such as the Universal Render Pipeline (URP) or the High Definition Render Pipeline (HDRP). Each pipeline has different rendering techniques, lighting models, and shader capabilities, which means that a shader created in Shader Graph will only work within the constraints and features of that particular pipeline. Consequently, if you're creating shaders, you need to be aware of the limitations and specifications of the Render Pipeline to ensure compatibility and optimal performance.