Yes, the result is true for PIDs in general: see this for example.
What you describe is equivalent to a PID. Obviously such a ring is a principal ideal ring (you just said the ideals are isomorphic to $R$, which is cyclic.) Furthermore, there could be no zero divisors, because for nonzero $r$, the homomorphism $(r)\cong R$ implies that the annihilator of $r$ is zero.
To slightly generalize we could look at rings such that
$R$ is hereditary, meaning submodules of projective modules are projective, and
$R$ has the property that projective modules are free, so now submodules of free modules are free modules as well. I have seen an eponymous name for such rings in the past, but it is escaping me at the moment.
These are related to another concept: Cohn's notion of a free ideal ring. A ring is called a right free ideal ring if every right ideal is a free module with well-defined rank. Among commutative rings, the free ideal rings are exactly the PIDs.
So among commutative rings, the kind of ring you describe is precisely a PID, since all ideals are clearly free. But I believe there are hereditary local rings which aren't PID's as well, and they would have the two properties above.