Yes, that's correct. If the spell has the creature type you chose for Morophon, you can cast it for {0}—it will be free.
To determine the total cost of a spell we follow rule 601.2f:
601.2f. The player determines the total cost of the spell. [...] The total cost is the mana cost or alternative cost (as determined in rule 601.2b), plus all additional costs and cost increases, and minus all cost reductions. [...] If the mana component of the total cost is reduced to nothing by cost reduction effects, it is considered to be {0}.
Jodah, Archmage Eternal provides an alternative cost for the spell of {W}{U}{B}{R}{G}.
Morophon, the Boundless provides a cost reduction of (again) {W}{U}{B}{R}{G}.
We choose to use Jodah's alternative cost, and we subtract Morophon's cost reduction from it. The total cost is reduced to nothing, making the spell cost {0}.
So you get a free spell! Congratulations!