Yes, but this line is still very successful at radicalizing centrists/libs who are scared of the word itself and haven't touched the pipeline yet. It takes the "socialism is when the government throws money at things" line and turns it around (i.e. if Republicans say xyz is socialist, they also do abc which is the same thing with different actors).
Obviously it's 'not socialism,' but it forces people to question what actually is. I know this because several people in my life who are now socdem and are slowly becoming more and more ML got their start after hearing this line.
(Caveat: That said, anyone using it in an ostensibly-leftist space should be educated properly on the matter)
But you can radicalize people without teaching them garbage takes.
It’s a good message but it still ruins the word socialism. imo the more correct but still meaningful line is ‘socialise the loss, privatise the profits’
