Gyroscope Noise Density
Yes, that's the right idea.

The number you came up with is the RMS value of the noise on the angular rate coming out of the sensor. When you integrate this signal to get the actual angle, this noise becomes a gradually increasing "random walk" that degrades the accuracy of the result &mdash; on top of any drift caused by bias and scale factor errors. This is why rate gyros need to be reset to an external reference periodically in order to maintain acceptable accuracy.