Real rocket science teams really use phrases like this, including this one. Is it a joke? Yeah, kind of. Is it what they would say if they had no sense of humour? No, probably not. Is it still a thing the experts actually say to actually talk about what's going on? Yeah, it is.

a few more examples:

"Rapid Unscheduled Disassembly" : explosive destruction of the rocket

"Lithobraking" : it's like aerobraking, but with less aero and more litho