Wrong, with a caveat. If you do not pull back on the elevator, the plane will continue to increase its descent and the load will not be 1.41. You can’t get something for nothing.The load factor is equal to 1.41 in a coordinated 45° bank without vertical acceleration. No caveats about frames of references, whatever that is supposed to mean.
You simply changed “level” to “without vertical acceleration”, but that’s what was meant by level in the first place, and everyone knows that.