You are correct. The reducers that came with the truck reduces it to 2 1/2” if that’s what you need and then 2 1/2” to 2” if that’s what you need. Then the hitch bolt that comes with the bike rack is not long enough for a 3” receiver so had to go buy a long grade 8 bolt and grind off the threads on one end and drill it for the hairpin clip. For my purposes, a pita, But I certainly don’t have to worry about having enough hitch. lol
My 3" hitch sits about right for everything but one trailer. So I got one of those three way stingers and welded the 2.5 spacer to it. Put a bead right at the back of it to hold it together. My little trailer needs a 3" drop so I welded a spacer to that as well. Now all I have to worry about is the 2.5 to 3". Everything else on the property is 2" so I have the assortment of drops for the rest of the vehicles. 2" stingers are something that gets stollen all the time. So each vehicle has their own lock. The 3", I have yet to find a lock that I like. But I have found the stinger on the ground behind the pickup a couple of times. They just don't want it when it won't fit.
My new truck has the 2.5" receiver... I just bought on of these... all problems solved: https://www.amazon.com/gp/product/B07Z8HMZ4Q/ref=ppx_yo_dt_b_search_asin_title?ie=UTF8&psc=1
In my opinion that is a waste or money. The biggest issue it the 14,500 weight limit. The second is I dont have a lifted vehicle that I'm trying to pull with. All I needed was 3". My stinger cost me $45 and the ball was $28. Both Curt and both are commercial Duty with a rated 20k lbs. Those stingers are the first ones taken. The thieves can get more for them.
That would help reduce the 12 or so hitches I seem to have! Depending on what is pulling (Tahoe, truck, or Can Am) and what's being pulled (equipment trailer, snowmobile trailer, small garden trailer, or small enclosed trailer)
Nice but everything is so dang expensive these days. I just made a rack for mine from some angle iron, cut the ends down to fit under the cap clamps. Keeps them handy and I dont hit my shins on them.