That said, I think there are times when it does mean something. I believe military grade/milspec chips/ICs are often engineered to be more resilient to environmental factors like heat and vibration, interference, etc. If I'm wrong about that, I suspect it won't be long before we learn if I'm right.
It did not guarantee anything outside of that. Soundness of design and ensuring inputs and environmental factors conformed to the spec was up to the engineers.
The problem, it is a military specification so the public may not be able get access to it.
If I start using a screwdriver to hammer in nails, it doesn't matter how many expert engineers use screwdrivers. I'm using it for a purpose it is unfit for.
Just because it's aircraft grade doesn't mean that it is (or isn't) suitable for building a submarine.
It means you're using a material that's been vetted over decades in life-critical applications in harsh conditions by expert engineers all over the world. Aerospace aluminums today are derived from Japanese alloys invented in WW2 and were a major innovation in metal aircraft. It's much more expensive than steel, but we use it because of favorable characteristics. Here's an overview of different aluminums and where they're used: https://www.aircraftaluminium.com/blog