More or less so, yes.  Universities have long shamelessly exploited early-career academics by hiring them on temporary contracts and assigning them a large teaching burden.  This is well-known under the name "precariate".  Many within the university system recognize how damaging and exploitative this is to junior academics and are making efforts to improve the situation.  Calling such a hire a "teaching professor" is a well-intended attempt to provide some dignity and recognition to the employee and a better job title that may strengthen their CV and improve future employment opportunities.   However, the underlying problem of precarity is not solved.