Yes, <<
mutates the same object, and +
creates a new one. Demonstration:
irb(main):011:0> str = "hello"
=> "hello"
irb(main):012:0> str.object_id
=> 22269036
irb(main):013:0> str << " world"
=> "hello world"
irb(main):014:0> str.object_id
=> 22269036
irb(main):015:0> str = str + " world"
=> "hello world world"
irb(main):016:0> str.object_id
=> 21462360
irb(main):017:0>