That’s how the people working on the project characterized it.
In the meantime the CLR happened too.
And - to an extent - LLVM IR.
Security wise, perhaps a different story, though let's wait until WASM is in wide use with filesystem access and bugs start to appear.
Back then, I learned Java, just to have fancy menus, quirky gimmicks and such. Until flash came along, nothing could do this. Where Java was rather open, free/libre, flash was proprietary and even patented. A big step back. And it took decades before JavaScript reached parity in possibilities to create such interactive, multimedia experiences in a cross-browserish way.
I can only imagine how much further along something like videoconferencing, realtime collaboration or gaming on the web would've been if this Java applet tech had been ever improving since inception.
(edit: I'm all for semantic, accessible ,clean HTML/CSS/JS in my web apps. But there's lots of use cases for gimmicks, fancy visuals, immersive experiences etc. and no, that's not the hotel-reservation-form or the hackers-forum. But art. Or fun. Or ?)
By comparison, WASM is really more like traditional assembly, only running inside a sandbox.
For some reason when people advocate for WASM outside of the browser, they only remember of the JVM.
https://en.wikipedia.org/wiki/UNCOL
There are countless bytecode based platforms since 1958, including all famous Xerox PARC systems (the CPUs were microcoded and loaded the related translation code on boot), yet WASM is doing it first keeps being brought up.
Do you know what I call WASI containers running on a Kubernetes cluster, or serverless cloud vendors?
Application Server, https://en.wikipedia.org/wiki/Application_server