If your company is just one product or one team, it might be used as a buzzword. Not when there's tens of products, hundreds of dev teams and thousands of microservices - maintaining this kind of platform is a very distinct discipline from DevOps.
Note that platform engineering refers to the design priority, not the implementation.
For a dumb example, the implementation of free-profession-enterprise tiers for a web service might reflect platform engineering.
Or the implementation might be totally ad-hoc.
Or somewhere in between.
To explain further, feature flags are a technique that can facilitate platform engineering.
So platform engineering is a real and established thing.
But that doesn't preclude it being used as a buzzword by someone who doesn't know what it is.
Good luck.