That depends on the local setting.
If the Blessed Sacrament is reposed in some other room, then yes, what you said above.
However, if the Blessed Sacrament is reposed in the main church, then one should still genuflect towards the tabernacle. Remember that from Thursday night to Friday before the prayers, the main tabernacle is empty, but there is still a tabernacle of repose, which might or might not be in the main church.