Migrations only affect the persistent store, making sure that it matches your managed object model.
Your NSManagedObject subclasses use the model and persistent store, but they don't influence it.
So yes, you can safely continue with your next step: making sure that your NSManagedObject subclasses (and other parts of your application) are updated to handle the structure of your newly-updated managed object model.
But just to make it absolutely clear: if you change the model again (tweaking relations etc) then your test device's database may become incompatible and you may need to start over with your migration tests.
This is why I asked if you use source control. You will almost certainly want to build and install previous versions of your app so you can repeatedly test migrations.