Visual Novel is an apt description, though I'll disagree with you on one thing: most Japanese visual novels back when I last checked them, which was in the 90s/early 00s, were
terrible. And I mean, really, embarrassingly
terrible, and not just for their random and bizarre sex scenes, but overall badly written and cliched. Some of it could be chalked up to poor English translations, but most of it was mind-numbing cliches and nonsensical situations you'd laugh at if found in a book or movie, and which you had to repetitively click through.
That said, yes, I think The Walking Dead Season could accurately be described as a Visual Novel with very little branching, more than a full-fledged point-and-click adventure. I think it succeeds at this; Lee's story is certainly more interesting than whatever happens with Rick & crew in the tremendously repetitive TV show. I can see how Telltale's formula gets repetitive for subsequent games, since it's essentially a one trick pony, but still... I was entertained for one season :)