Modular also refers to being able to use a wide variety of in stock parts on a block
Yes it does in the general sense and coincidentally many of the modular engines have "modular" components, but Modular officially refers to how the plant tooling can be easily changed.
Ford Modular engine - Wikipedia, the free encyclopedia
Ford Modular V-8 Engine - Mustang & Fords Magazine
And another source for this info comes straight from Ford powertrain engineers.