Yeah, it's a pretty ridiculous and universally confusing way to represent what the GPUs underneath are really capable of. In the 5 years I've spent trying to help customers understand what my GPUs are capable of, none of them have ever understood how to separate API from hardware capabilities using the feature level naming, and some of them still struggle to grok it after explanation, returning to a poorer understanding somewhere down the line.
If you must have hardware feature levels (and you must), make it very simple for everyone to understand.