Yes the term does refer to repeated folding, but also twisting length ways of the rods before being hammered back together.
There are several tv shows on this that may be on YouTube by now.
Fortunately, nearby (in Texas scale) in Historic Old Washington, AR, there is a master bladesmith who does demonstrations in James Black's blacksmith shop -- where history says Jim Bowie's original "Iron Mistress" was forged.
The guy does unbelievably beautiful work -- including a spectacular "ladder-folded" sword blade that won him his "Master Bladesmith" certification.
Next time I'm there, I'll ask him if he has done the longitudinal twist bit.
That should produce a dramatic-looking blade! And, I expect it would be somewhat stronger than the transverse-fold "ladder-folded" version. (He admits he made that one as a show piece of capability and skill -- but, it still passed all the "hanging rope cut" tests with flying colors!)