No, that is what was taught and promulgated in some regions - particularly the US but they all seem to understand the difference now.
Settling with Power effectively means running out of power because the aircraft doesn't have the performance to do what you are asking of it - usually in the low speed environment and associated with the loss of ETL ie trying to establish an OGE hover or making a steep approach into a landing site without the performance to do so. Low Nr is a classic symptom because the pilot keeps pulling the collective up as he/she realises they can't stop the descent.
Yeah, I admit I've been confused as to what you actually mean everytime you guys use this antiquated term. In fact, I actually thought you were referring to the Canadian definition, where you just wait too long to start slowing down.
If you just said, "overpitching", or "he's just too heavy to go that slow", there wouldn't be any confusion.