yes this is how most view this distinction but it still annoys me
when I'm talking about a game's graphics I'm talking about everything. Wind Waker has gorgeous graphics mostly because of its art but that point doesn't make the graphics any less gorgeous.
Well if you we look at it from an artistic perspective the word "graphics" would actually encompass the entire piece, visual design, techniques used to create the image and all. The difference is "computer graphics" are different than "artistic graphics".