Yes. It is true. Occasionally, a Wigan can beat a Manchester City. A second division Sunderland can beat a rampant Leeds United (1973 FA Cup final). An Iceland can indeed beat an England. It does happen. It's very rare.
It will indeed be disgraceful if England fail to get through to the final. Everything seems to have been cleared away for them. It is weird. If I didn't know better, I'd say it was fixed.
It is entirely reasonable to expect them to do it. Not demand. But expect.
But hey — England are capable of anything, eh? Even losing to a team that is ranked 45th in the current FIFA rankings.