That isn't my understanding- my understanding is that the SMM (precursor to DMS) is still present, and DMS is formed as long as the wort is still hot, even after boiling. It's safe to say that DMS won't be formed below 99 degrees, certainly, but it's the vaporization at boiling that removes it.
In fact, from braukaiser.com's site (about the dangers of leaving the beer sit too long before chilling): Since DMS is still formed as long as the wort is hot and its precursor (SMM) is present such DMS formation happens while the wort is resting in the whirlpool. Unlike during the boil, this DMS is not driven off and remains in the beer. This is especially a concern for beers made from very lightly kilned malts (Pilsner for example) which contain higher levels of SMM than darker kilned malts (Munich for example). If you are using a counterflow chiller to chill your wort and you are experiencing a DMS off-flavor in your beer, you may want to boils for longer or use an immersion chiller.