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Yes, but it also blurs the fact that we are talking about computer code/functions. It blurs the idea/fact that Web 3.0 is server side code running on a shared infrastructure rather than a centralized client/server HTTP infrastructure. For that reason it's not great terminology.
Actually it's "Web 3,0" that is the awful terminology. It connotes sloppy programming where security and reliability are low priorities: quite the opposite kind of programming from what we need when controlling assets such as cryptocurrencies and security or utility tokens.
"Web 3.0" isn't "awful" terminology and it does not connote what you say it does. It connotes a "web" infrastructure that is the successor to client/server HTTP. That is not "awful". It's better terminology than "smart contracts" which do not actually convey what they are: code
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