Yes, I think both things are true. Apple is being a "little cheeky" by how they referred to "optical zoom" throughout the various phones... But also, as someone who has the 5x true Telephoto Optical Zoom on my 15 Pro Max, I agree too that sometimes the 5x is too much.
It really depends on what you're taking a picture of... And there have been some occasions that the 5x Zoom was great... But more of the time, especially when 90% of my camera usage is with the 1x and 2x modes on the Main Wide Angle lens, 5x felt a bit too much / not-useful. I think that 4x Optical Zoom (and 8x with the 12MP crop) might be the "goldilocks" optical zoom magnification for *most* people in *most use-cases*.
My wife has the regular size 15 Pro, with a 3x Telephoto Optical Zoom. And it feels a little "too small" of magnification before digital zoom starts...