Yes I agree that's the intent, but I think it can often be used by people who think the thing being "virtue" signaled about isn't important. People who think that corporations aren't going far enough in support of their social issue sometimes accuse them of virtue signally, but people opposed to people viewing the issue as important do all the time.
The prevailing wisdom on Hacker News now is that actually people who say they care about AI safety are mostly lying and any road blocks they try to put up are motivated by greed. It feels very much like someone accusing a company talking about responsible forestry and advocating for higher standards in the forest cutting business of virtue signaling