To the extent that you've been living it for the past 30 years, yes. What constitutes the middle in American politics has always been seen as being much more to the right by European standards. Europe is now playing catch up with the United States. What the Europeans now call Third Way politics is essentially what the United States was practicing over the past 30 years in one form or the other. Now the United States has moved even further to the right.
Buzz words are essential parts of politics.
But that's what that policy became known as. You cannot get away from buzz words for the simple reason that in order to defeat something, you have to stand for something, and that has to be called something. What is important, though, is that you don't really get a backlash against concepts. What you get is a backlash against the policies the concepts produce. If markets fail and if things do not continue as well as they are at the moment, then people will blame the Third Way as a collectively identifiable series of policies that they will see as having made them worse off.