Press CTRL plus Z if you would like to undo a correction made by the AutocCorrect feature is true or false?

Yes, that works (in Microsoft Word at least). For example, a chemical formula might be HCl (hydrogen H, plus chloride Cl), but Word will find the second capital letter suspicious (since that is a common typing error) and change it to Hcl, which in this particular case is wrong. Ctrl-Z will undo the auto-correction.