Figuratively speaking, yes. Everyone simply bases himself/herself on the fact that "ultra" settings are, with the highest probability and in most games, the highest setting possible. Some may, however, use a lower one, such as "high" or "very high", or even something higher, such as "uber"; some other may drop a naming scheme completely and simply use numbers.
As an off-topic note, also, it would be nice if you asked the same question only once rather than in two different threads 😉