Originally it was coined as such, though as they are not feminists, it's a bit misleading. Also all TERFS align themselves sooner or later with facists, so I personally approve of the new term. Exclusion is also really weak in terms of what the end goal of TERFs are, which is the eradication of trans people.

This is a much better version of the acronym. TERFs are not feminists, they're reactionaries.

I believe this comic is deliberately updating the label