That is correct, but at this point it is standard to see sigma as summation (or in some other contexts as set or space, but it's also clear in those contexts which meaning is appropriate, certainly an algebra student seeing sigma notation will not also be seeing sigma used for "set" or "space" in that same course).
Also don't confuse arbitrary with random. Having a reason doesn't mean a choice isn't arbitrary.
Bigger picture, maybe I'm misinterpreting you, but I feel like the logical conclusion of your argument is that nothing can change now, because canon. And yet basic math notations have changed throughout history.
It would take a lot of effort to change the summation symbol from sigma to something else. But if something else made learning math faster, the canon is exactly the part that needs to go, not an excuse to stop improving.
I could use sigma - s as in subtract.
I could use iota - I as in integrate.
Of course it's arbitrary.