Exactly but with a slight twist,
- a ThreadLocal variable is a variable different for each thread
- any other variable exists only once so common for each Thread using the same object, whether it is volatile or not.
Volatile however specifies some kind of thread read/write boundary so they must synchronize on the latest value written by any other thread. However using volatile does not ensure thread safety.
E.g. a increment method incrementing a volatile int might still generate duplicates. To be sure that works thread safe you must synchronize the method updating the volatile attributes!
check this for more detailed information: https://www.cs.umd.edu/users/pugh/java/memoryModel/jsr-133-faq.html