No, there’s an actual paper where that term originated that goes into great deal explaining what it means and what it applies to. It answers those questions and addresses potential objections people might respond with.
There’s no need for–and, frankly, nothing interesting about–“but, what is truth, really?” vibes-based takes on the term.
Only in the philosophical sense of all of physics being a giant stochastic system.
But that’s equally useful as saying that we’re Turing machines? Yes, if you draw a broad category of “all things that compute in our universe” then you can make a reasonable (but disputable!) argument that both me and a Python interpreter are in the same category of things. That doesn’t mean that a Python interpreter is smart/sentient/will solve climate change/whatever Sammy Boi wants to claim this week.
Or, to use a different analogy, it’s like saying “we’re all just cosmic energy, bro”. Yes we are, pass the joint already and stop trying to raise billions of dollars for your energy woodchipper.