Yes, that or whatever works best for your purposes.
There is no 100% catch all answers for things like this, because programming allows you to organize your data any way you like.
Figure out how your game is going to work. Then you'll know what data you need to keep track of, and how you'll need to organize and process it.
A GameObject class will then consist of anything you know you'll need. Then an entity will also consist of anything the logic will need to see. It might even be an abstract class with different versions that do different things.