Yes, but the smaller object is dragged into the valley formed by a heavier object due to gravity (of the earth), not due to following the curvature of the blanket.

One could be picky and say you’re explaining gravity with gravity. But for the sake of simplicity that’s OK.
I’ve once read an article where someone complained about that and tried to explain it with the actual cause, curvature of space time, like using a model car with glue attached to the wheels. But that was not really intuitive and simple to understand.

But that’s made from ambergrease which is produced in the digestive system of a whale and can be found once in a while on the beach too.

Whale oil was also used as a raw material in chemical industry for a lot of things where it was replaced by mineral oil too, e.g. in the production of tensides for washing powder, and not at least was also used for the production of margarine, as fat was rare in the early 20th century.