Is this a valid counterexample for this inequality concerning the growth functions of set families?

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Here is what I am trying to prove:

Let $A$ and $B$ be two set families, then $G(A \bigcup B,m)\le G(A,m)G(B,m)$ where $G$ is the growth function.

I think the above result holds iff both $G(A,m)$ and $G(B,m)$ are greater than or equal to $2$.

Counterexample:

Let $A$ and $B$ contain single sets which are disjoint. Then $G(A \bigcup B,1)=2$, while $G(A,1)=G(B,1)=1$.

Is my reasoning correct?