No, we don't use it as an adjective. It is a set. That's literally all it is.
And predicating anything on the assumption that P equals NP is rather absurd. Of course, we can't rule it out as a possibility. But virtually nobody in the discipline believes that to be the case. And honestly, why would it be? If there were polynomial time solutions to that many problems of that degree of importance, surely we would have discovered something by now.