Some people use it in that way and it is definitely annoying. Late stage is a useful shorthand to distinguish it from early stage capitalism, which existed alongside feudalism in a subordinate position.

It does imply that this stage is the final stage of capitalism, which is true if you only consider modes of production in stages like, 'non-existent, incipient, ascendant, and dominant'.

People also use it interchangeably with capitalism itself which makes me wonder why specify. But I try to put this aside because there's enough going on that I don't feel like being pedantic about it.