Backlight control for dynamic range is common, but not necessary for being an “LED display.” It just means the backlight uses LEDs instead of CCFLs like they used to.
It's a display and it "has LED". Given a clean slate language reboot for today's technology we would probably reserve the term "LED display" to "LED per subpixel" models and call LED LCDs "LED backlit", but the term got into widespread use when the backlit kind was the only one available so that's where we are now.