Yes. That indicates a corrupt bootloader (hard brick). You need to use Blankflash files (specific to Moto G54). These are emergency files that restore the bootloader via EDL mode. Search XDA for "Moto G54 blankflash."
The Moto G54 has a few variants (standard 5G and Power Edition). Before downloading, check your model number. Go to . Firmware MOTOROLA Moto G54