Yes, it means vaping at any resistance below 1.00 ohms.
What it does, is that with mechanical mods where you cannot adjust the voltage, it leads to higher power (wattage) because of the higher current (amperage).
Also, because of the thicker wire normally used, it often leads to higher heat capacity (slower heat-up) and a larger surface area, which in turn leads to a lower heat flux per watt.
With modern high power regulated mods, sub ohming has become less important, but some people still prefer it.
I usually vape regulated above 1 ohm, but lately I've been enjoying a hybrid dripper at 0.4 ohms a lot. I control the heat by adjusting the duration of my button presses, which gives me a very immediate way of adjusting the vape to my liking. The ability to (sort of) adjust the vape mid-draw is actually pretty cool, but it does require me to pay close attention to what I'm doing.