Yep, more or less, and I agree that the term is largely nonsense. But it is somewhat more effective in conversation than merely waving my hands and saying "Look, any trend less than about 10,000 years long is just noise in the overall patterns", since most people have trouble wrapping their minds around long periods like 10,000 years, much less a million or more years. Hell, most people have trouble with 500 years. :)
Yeap, I noticed that.