Over finite fields (at least of characteristic $>3$), this is correct.
As a reminder, a twist of an elliptic curve $E$ over a field $k$ is an elliptic curve $E'$ over the same field $k$ such that $E$ and $E'$ become isomorphic over some extension field $K/k$. A quadratic twist is the special case when the extension field $K$ is of degree $2$ over $k$.
Over a finite field $k$ (of characteristic $>3$), an elliptic curve always has exactly 6, 4 or 2 twists up to isomorphism, depending on whether its $j$-invariant is 0, 1728 or anything else respectively. Of those, exactly two are quadratic twists: namely the curve itself and the quadratic twist that you mentioned.
This can be proved in a fairly elementary way. Let's say for simplicity that $j\neq 0,1728$. You then know that both $E$ and $E'$ admit short Weierstrass forms $y^2 = x^3 + ax + b$ and $y^2 = x^3 + a'x + b'$ with $a,b,a',b'$ non zero. Those Weierstrass forms become isomorphic over the quadratic extension $k_2$ of $k$. This implies that there exists $u\in k_2^*$ such that $a' = u^4 a$ and $b' = u^6 b$. The quantity $u^2$ must be in $k$ since it's $u^6/u^4 = b/b'\cdot a'/a$, and if $u$ itself is in $k$, then $E$ and $E'$ are already isomorphic over $k$. Therefore the only non-trivial case is when $u=\sqrt{d}$ for some $d\in k^*$ which is not a square. It is easy to see that multiplying $d$ by a square doesn't change the isomorphism class, so there is only one non-trivial twist as required.
[There is also a high-brow version of the argument, that uses the classic Galois descent result that the set of ``objects $E$ over $k$'' that become isomorphic to $\bar{E}$ over $K$ is in bijection with the Galois cohomology space $H^1\big(\mathop{\textrm{Gal}}(K/k), \mathop{\textrm{Aut}}(\bar{E})\big)$. But the Galois set structure of the automorphism group of an elliptic curve over an algebraically closed field is well-known: it is just the Galois module $\mu_n$ of $n$-th roots of unity with $n=6,4,2$ depending on whether $j$ is 0, 1728 or something else (Silverman, Corollary III.10.2). Thus the set of twists of $E$ is in bijection with $H^1(\mathop{\textrm{Gal}}(\bar{k}/k),\mu_n) = (k^*)/(k^*)^n$, and the quadratic twists correspond to the $2$-torsion of that, so $(k^*)/(k^*)^2$. This holds over any field of characteristic $\neq 2,3$.]