In the modern spoken language this is essentially as correct as it is simple.
Nabod is indeed for place as as person:
Dw i'n nabod Paris yn dda - I know Paris well
Dw i'n gwybod mai Paris ydi prifddinas Ffrainc - I know that Paris is the capital of France
O'n ni'n adnabod copa'r Wyddfa o bell - we recognised the summit of Snowdon from afar
Cydnabod means 'acknowledge', but this is indeed what 'recognise' means when talking about a fact:
Mae pawb yn cydnabod mai'r Wyddfa ydi'r mynydd ucha yng Nghymru - everyone recognises (= acknowledges) that Snowdon is the highest mountain in Wales