Not in itself. But it is a name that has meaning in context of the whole Forgefriends initiative. Could also call it “gaia” or “birdflight” project or anything, which would be meaningless to outsiders.
“Proxy” on the other hand is an overloading of a common technical term that can only lead to confusion. There can be many proxies all across the forgefriends codebases or 3rd-party projects. You can no longer quickly type “fedeproxy” in a rushed chat session, but have to specifically type “forgefriends proxy” all the time to avoid such terminology clashes.