I don't think that's at all what it means. I don't see why people feel the need to take simple English words like hit or miss and try to deprive them of their meaning. Yes, it's true that a hit reduces the target's ability to keep himself standing, but it's also true that it does so through, in some part, the attacker's weapon making physical contact with the target and causing bodily harm. If that wasn't the case, the weapon being used wouldn't matter for for the purposes of calculating base damage or augmentations thereof. The role of other components of hit points (of which there certainly are some) is adjunctive.
In any case, that's an issue of abstraction, not in-game vs. metagame. For example, if you wanted to say that a successful attack was the result of the attacker exhausting the target through a flurry of parries that don't actually draw blood, or that it was the result of pushing the target against something or making him trip and hit himself, those are still observable phenomena that mean something to both characters. Conversely, a miss is a definitive indicator that none of those types of things happened.
I don't think anyone is seriously proposing that, for example, a hit represents a round where the attacker fails to cause any discernible harm but in doing so somehow uses up some of the target's good luck for the day so that next time the attacker is "due" for a finishing blow. I've yet to see anyone narrate a "hit" that way.