It fits both the dictionary and colloquial definitions of animation. If there is any domain specific jargon, surely that applies too. I can't understand why this wouldn't be considered an animation...
In a nutshell: put two different frames in sequence, and you have an animation.
Animation is when more than one consecutive step happens on it’s own. I’d argue that even tooltips appearing and disappearing after a timeout doesn’t constitute an animation, because the disappearance isn’t immediately consecutive with the appearance, and (maybe more importantly) the intervening state of the tooltip being shown is meaningful to the user as a distinct state.