It is less meaningful than that. It identifies who does well at tests for those things. That is not the same thing as being "better" at such things, it often just means "faster". IQ tests are also notorious for cultural bias. In particular with the word associations, they often just test for "I'm a white American kid who grew up in private schools."
And I say this as one of the white amercian kids who did great on those tests. My scores are high, but they are not meaningful.
When I was a young kid my eldest sister (who was 17 years older than me) was an educational psychologist and used to give me loads of intelligence tests - so I got pretty good at doing those kinds of tests. I actually think they are pretty silly, mostly because I generally come out very well in them...
And I say this as one of the white amercian kids who did great on those tests. My scores are high, but they are not meaningful.