No, its a poor anology, I'm old enough to have used a Wyse terminal. That's what I think of when I hear dumb terminal. It was dumb.

Maybe a PC without a hard drive (PXE the OS), but if it has storage and can install software, its not dumb.

We may want a new term for our devices :) https://news.ycombinator.com/item?id=45808654