Right
夹 (simplified from
夾) supplies the sound (jiā → xiá through j/x palatalization).
夾 originally depicted a person
大 with two smaller figures tucked under each arm, lending a faint flavor of "one who flanks and protects" — fitting the chivalrous bodyguard sense of
侠. Same phonetic:
峡 (gorge),
狭 (narrow),
颊 (cheek).