Call it 'compile,' call it 'build' or even call it 'snigglefritz.'
What you are doing is translating human written, human readable source code into a form that can perform (execute) the steps of logic as expressed in the source.
That requires 3 (or 4) distinct steps/stages with C/C++ code. After all we are basically trying to instruct a rock how to perform digital tasks by manipulating voltages.
1. Preprocessing
2. Compilation
3. Assembling
4. Linking
https://riptutorial.com/cplusplus/example/26378/the-cplusplus-compilation-process
The compilation and assembly stage are usually treated as one, so the process becomes Preprocessing, Compilation and Linking.
Humans being humans, even programmers, tend to be sloppy and sometimes imprecise when it comes to terminology. Lots of people mention the STL when they talk about the C++ stdlib. *BUZZ*
http://kera.name/articles/2010/08/it-is-not-called-the-stl-mmkay/
https://stackoverflow.com/questions/5205491/whats-the-difference-between-stl-and-c-standard-library
Pedantically speaking the STL and the C++ stdlib are two entirely different entities. Though they are related. One (the STL) influenced the other.
I personally would never say the C++ stdlib and the STL are "the same," but if someone does use that STL terminology as meaning the C++ stdlib I will understand what they are saying.
Though clearly the C++ toolbox is much larger than just templates.
Don't sweat the academic fancy froo-froo nonsense, learn and understand what is happening in the trenches in the war of programming.
Yes, definitions DO matter, otherwise communication between
hoomans is nigh um-possible, but being overly rigid and pedantic is emphasizing form over substance. With a potential loss of interest and understanding.
Saying "compiling" when talking about the entire 3/4 stage process is easily understood shorthand.
So, to circle back to your opening question....
No, saying "compile" when meaning more is not wrong. Nor is it imprecise since the single word conveys a commonly understood meaning.
"When I use a word... it means just what I choose it to mean" -- Humpty Dumpty in 'Alice in Wonderland'.