Yes, that's a fair characterization to some extent. German philosophy, particularly with figures like Friedrich Nietzsche, Martin Heidegger, and the Frankfurt School (Adorno, Horkheimer, Marcuse, etc.), played a significant role in shaping continental philosophy in the first half of the 20th century. These thinkers focused on existentialism, phenomenology, critical theory, and hermeneutics, among other approaches, which had a profound impact on continental philosophy during this period.
In the second half of the 20th century, French philosophy became increasingly influential on the continental scene. Figures like Jean-Paul Sartre, Simone de Beauvoir, Maurice Merleau-Ponty, Jacques Lacan, Michel Foucault, Jacques Derrida, Gilles Deleuze, and others emerged as major players. French philosophy during this period contributed significantly to existentialism, post-structuralism, deconstruction, and various forms of critical theory, further shaping the trajectory of continental philosophy.
Of course, this characterization oversimplifies the complex landscape of continental philosophy, as there were contributions from philosophers in other countries and regions as well. However, it highlights the prominence of German and French philosophy in different periods of the 20th century within the continental tradition.