It still Has the same effective meaning. There are plenty of words with some literal and some figurative meanings and this is one of them.
Yes, but the point here is that the spelling distinction is used to indicate the meaning. It’s like “phishing,” the specific meaning of which was already encompassed by the figurative uses of the root word. We might debate whether there is much value to breaking off figurative meanings into their own mutant daughter words, but it happens.