Mostly yes, Adwords is still the elephant in the room. Android is modestly profitable and now Youtube is finally eeking out profit for them, but all of these cash flow sources are firmly rooted in showing ads to captive eyeballs.
Although it isn't hard to come up with other ways for them to extract more money out of android, I can't imagine a lack of willing buyers for all sorts of information they could harvest from the billion or so deployed devices.