Pipelining frames is a form of parallelism (executing systems from multiple frames in parallel), which can allow you to get better utilization out of a parallel hardware system. But in and of itself the way the pipelining is a form of parallelism is on a bit of a different level than the way the in-frame systems are parallelized and such; it just winds up feeling a bit odd to say "the latency is high because parallelization" versus "the latency is high because they pipelined frames to improve the performance of their parallelized systems."
On the other hand, you don't actually need parallelized systems to squeeze extra performance out of a parallel hardware system, if you're pipelining your frames. For instance, a game could be running step 6 of frame 0 on core 6, step 5 of frame 1 on core 5, step 4 of frame 2 on core 4, etc.
At the end of the day I suppose it's sort of a square-is-a-rectangle situation.
I guess it's not really that important, since everybody is being intelligible (with possible exception to myself).