No, not quite. The so-called 10-year card only needs renewing every 10 years because of the photograph, just as a passport is renewed. There can be no checks for employment or income limits, or whether you are on social-security or similar. Once you have earnerd permanent residency rights (which is confirmed by you having a 10-year card) the only checks they can make are to see if you have been away for more than 5 years or if you pose a serious risk to public or national security. Your residency is otherwise permanent, guaranteed for life.
You will still have to apply for renewal at your local “Ausländeramt” though, and there might be a small administration fee.