Very misleading yes: https://luminati.io/static/patent/2019-12-31_NordVPN_Complai...
It includes a direct quote from Nord on page 5 that says they buy access to IPs, and that the individuals they buy from are "fully aware of the purpose and receive a reward for the traffic sent and received".
Even if you think the "fully aware" part is a lie, I don't think there's any reason to think the part about buying it is a lie.
Even the worst version of a VPN buying IPs from some shady dealer is very different from secretly putting data on their own users' connections. It remains quite misleading to write "oxylabs (NordVPN), luminati (Holla)", implying that Nord is doing the same thing as Hola, of turning their own users into proxies.