That's right. You can change the chord the guitarist thinks he is playing.
In my view, nobody has more control over how the song sounds overall, than the bass player. The difference between a band with a good bass player and a band with a poor one, is WAY WAY bigger than the difference between bands that have a good or bad guitarist. The song is the melody, and everything serves that melody. The next most important instrument after the voice is...the bass. To understand this, one needs only to listen to a little album called Come Away With Me by an obscure artist named Norah Jones. the essence of a pop song is the voice and the bass line.
Norah Jone, obscure? Not to me. Sadly her overall popularity waned early. I hadn't heard Come Away... But oh baby, that bassist sure knew what he was doing. Perfect timing, JUST behind the beat (as it should be), which really was where the pocket was. The solo guitarist was right there too. Imagine had the bass been right ON beat he would have destroyed the whole Gestalt. That's musicianship. BTW... The bass almost sounded like an upright. What a nice sound. The mix guy did a good job too.