No, it would not be correct to call it that. It is converting from Eulere rotation to rotation about an axis. See the documentation for the inverse, Axis Angle to Rotation Node.
If you take the Rotation to Axis Angle node and plug it into the Axis Angle to Rotation Node you will find it behaves as you would expect.
The point of having something like an Axis Angle is to be able to rotate about arbitrary axes in the world.
The reason for its existence it to be able to take a euler rotation value that is more intuitive to understand, then do weird things to it like project it onto an axis, or take its cross product with an arbitrary value:
Adding the node to the documentation probably would be beneficial in case someone else comes across it and wonders what its for (a large part of why I am commenting here).