In no limit games yes, it should denote the size of the blinds.
In limit games, however, it typically denotes the size of the small and big bets. For instance, in a $10/$20 limit hold 'em game, blinds would be $5 and $10, all betting preflop and on the flop would be in increments of $10, and betting on the turn and river is in increments of $20.
Also note that a lot of people refer to games by their standard buyin rather than the size of the blinds. So when somebody says they're playing in a $200NL game, they're talking about a $1/$2 no-limit game, for which a standard 100 big blind buyin would be $200.