Originally it was coined as such, though as they are not feminists, it’s a bit misleading. Also all TERFS align themselves sooner or later with facists, so I personally approve of the new term. Exclusion is also really weak in terms of what the end goal of TERFs are, which is the eradication of trans people.
Fairrrrrr, hope I didn’t come across as lecturing -.- If I just like these words much better for the acronym and wanted to explain my reasoning. U can use it however u want of course :)