Yes, except that translating it as standing meditation suggests a mediation done standing up. Motion in stillness, as Allen mentions above, is the yang to stillness in motion, or is it the other way round
However, try doing it. It is extremely physically demanding past the 5 minute mark when the shakes set in. Unless you can find a way, either through experimentation or detailed instruction, to change the way your structure accepts and reroutes gravity, you can't do it for long. This, in turn, teaches the body another way to accept and redirect power, recruits the fascia system, instead of using separate muscles, creates whole body strength, and leads to tensegrity, a wonderful word. Most of us who are trying to do this stuff find it a hell of a lot more difficult than it sounds. It makes it harder for people to throw you, without muscular resistance, and it makes it easier to throw, without muscular force. It's value tens to be more evident in free style tui shou than in predefined waza practice. The old CMA guys swear by it and when you feel people who have done a lot they have a relaxed solidity that is impressive.