100% true for theoretical/computational physics, solid state physics, optics, catalysis research, and many more. You use existing grants to explore completely different topics and once you have something promising where you are 50-80% there, you write the next grant. Rinse, repeat.
Particle physics (or gravitational wave research for example) is the odd one out here. Maybe because it is 100% fundamental research, where it is known to not produce applicable results.