Yes, but the First Amendment doesn't mean what it literally means.
Take, for example, something as apparently simple as "freedom of speech":
Congress shall make no law respecting an establishment of religion, or prohibiting the free exercise thereof; or abridging the freedom of speech, or of the press; or the right of the people peaceably to assemble, and to petition the Government for a redress of grievances.
As we all understand, there are limitations on free speech, even though this is not stated in the text. Some forms of speech are not protected. Congress
can pass some laws limiting speech.
Similarly, and as I've previously described, for 200 years corporate political speech rights were more limited than individual political speech rights. Corporate political speech rights have changed, and relatively recently.
There are hundreds of court cases refining free speech. It's an incredibly complex subject.