You’re missing out the words before that which would give the understanding.
The whole thing reads: "are so close to maturity, the risk is minimal that their value will change significantly with changes in interest rates."
To rephrase it: “Even if the interest rate changes, cash equivalents are so close to maturity that the risk of it changing significantly in value is minimal.”, other words, yes your understanding (not of the statement, but of cash equivalents as per what I can assume) is correct.