To answer your question: yes. I'm a 4th year student and have mostly forgotten a lot of undergraduate math because i havent really used it. That being said, you won't feel it as much after you spend a couple semesters as a TA, teaching your own classes, or running study hall. For example, I have taught multivariate calculus a couple times and now i know it like the back of my hand. I spent a semester grading analysis and had to review all of that stuff.
Don't sweat it. You might feel like you don't have a deep understanding, but most likely if you wanted to review any particular thing, you can absorb a whole semester's worth of undergraduate material in a week or two. Also you will probably have to spend two semesters taking classes. For example, you will definitely understand Jacobians and stuff like Stokes' theorem at a deep level after taking differential geometry.