Only in the sense that bad things happen to you if you consume too much. I don't like that label though, because if you follow that logic nearly everything is a poison (eg. water poisoning), which makes it useless as a label. A more accurate label would be something like "substance that we're likely to overconsume and cause harm, due to human psychology/physiology", but I guess that's not as attention grabbing as comparing it to rat poison or draino.
See also, the noncentral fallacy: https://www.lesswrong.com/posts/yCWPkLi8wJvewPbEp/the-noncen...