Sort of true, but not everything depends on your HP and whether it is Max, it also depends on your vitality and armor equipped at the time, deciding how much you can withstand out of the blow - casting regen on characters at the time helps a lot, but keeping around 1000 from your Max health can still keep you alive in the battle, but I think Super Nova gets more deadly the amount of times Sephiroth uses it - well it aint good to let him get a couple of them, that's for sure.