No. It means it, spectroscopically, looked specifically like titanium dioxide paint, and not just any arbitrary white material. Its spectral lines were consistent with titanium dioxide.

http://en.wikipedia.org/wiki/Spectral_line

Not exactly, some compounds absorb and reflect different parts of the electromagnetic spectrum. In paticular, titanium dioxide:

"Some compounds, like titanium oxide, only appear in the spectra of very cool stars." [1]

Obviously this wasn't a star, so it must be a manmade object.

[1] From http://skyserver.sdss.org/dr1/en/proj/advanced/spectraltypes...

if 'fancy way of saying' means it has a specific chemical composition then sure, yes it's a way of saying it was white.