You are partially correct. It is not being used as originally intended but it is not meaningless. Most people today use cloud when referring to the computers and resources available over the internet rather than the interconnections of the internet.
Back before the internet, server admins sending data over fiber channel would visually represent the connections as "the network". That's easy to visualize as a fishing net. Then as more lines, servers and jumps were added the term evolved to try to stay with a realistic visual representation. Web was next which was also easy to imagine. Net Fabric was actually used for a while too as the number of lines went up.
Eventually there were so many interconnections and links between computers and networks of computers that if you drew it, you would end up with a fine gray blob in between all the destinations. A net cloud. That's where the term actually came from.