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Yes, the 'ai' in the 2nd person plural is a falling diphthong in the case stated.
Should you encounter a verb like 'cambiar', which has a weak 'i' vowel before a strong 'a', you have a rising diphthong (the weak 'i' is also known as a glide). When this verb is conjugated in the 2nd person plural imperfect tense, the result is a triphthong, which must be accented on the strong 'a' vowel to retain the glide (ia): cambiáis.
(A Spanish triphthong always consists of a weak vowel (i,u), a strong vowel (a,e,o), and a weak vowel (i/y,u).)
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