Yes, that's what it means... but I have on very rare occasion seen people with (money and) industry experience work in a an academic lab with other post docs br

Yes, that's what it means... but I have on very rare occasion seen people with (money and) industry experience work in a an academic lab with other post docs bringing in the same meager stipend. It's doubtful that they are working towards a professorship, although a PhD isn't actually needed for that either. I've seen a few with only BS or MS degrees working as teaching professors.