Hi Greg,
As you presume, culling is about rendering, not about texture memory. Corona will not render off-screen content each cycle, but you won’t save texture memory by just placing items off screen or making them invisible. OpenGL loads the textures in, and there they remain until you un-load them. So yes, the answer is, you need to control this yourself IF you imagine your texture memory will be pushed near its limit.
I don’t know what kind of game you’re designing, but one of the best ways to handle this is to create objects that can be re-used. When they leave the screen, you can recycle them to enter the screen from the other side (in the case of a 2D scroller, for example). This helps performance in other aspects too (not re-creating objects all the time), so you should consider that strongly.
Brent