Is it true Protestants teach the debt of sins has already been paid?

Updates
1 y
In other words, any Christian Protestant gets a free ticket out of hell because there shouldn't be a hell no longer if "Jesus died on the cross, then the debt has been paid" aka - unlike Catholic and other orthodox teachings to be a good Christian soul with works, the opposite Protestant believe, that all are saved through faith the cross alone etc 🤭,
Is it true Protestants teach the debt of sins has already been paid?
Post Opinion