It sounds like it could be in the ballpark - but the top tube length (which impacts your reach and riding position) is more important than the seat tube length (which is the basic frame size measurement). It's a lot easier to change the seat post height and move the seat back and forward a bit than to change the reach, which means swapping out stems or handlebars on many bikes (some bikes will at least let you adjust the height of the stem - but not all).

You'll want to make sure you're comfortable riding in the right position with your hands on the bars (elbows slightly bent, back straight even if you're bent over a bit).

Just going through all of this myself with the purchase of a new road bike; still getting it dialed in, even after a full "fit" from the shop. I'm 5'9" with a 31.5" inseam, but also a shorter reach and one arm 1.5 cm shorter than the other due to an accident. So, for me, a 51-53 cm frame turns out to be a better starting point because of the shorter reach.

No one's body is exactly the same, so it's all about what works for you.