Yes. In maven, released versions are immutable. If you release 1.1.0 with a dependency to lib-dependency-1.2.3 then that's it.
If you change to depend on lib-dependency-1.2.4 then that's a new version. You should not redeploy 1.1.0 since some people might have already pulled that (supposedly immutable) 1.1.0. So that means you need a different version, even if it's a just a new qualifier (myLib-1.1.0-RC-2 for example, but better just 1.1.1)
Maven doesn't recheck remote repos for release versions once it has it in the local repo, so if someone has 1.1.0 already locally, they will not get the new, fixed 1.1.0.
And about your rippling problem. Upstream projects should depend on the lowest acceptable released version. i.e. if the upstream project itself is ok with myLib-1.1.0 because it doesn't need (indirectly) lib-dependency-1.2.4 then it should stay with 1.1.0