Of course Frontier can redefine cheating: they have a monopoly on who gets access to their game, they make the rules. You cheat (and they decide on what is cheating) you break the TOS, they can revoke your access to the game.
Pretty much. And since they are mighty fine with the usage of overpowered stuff a normal or starting player would be able to tell apart from cheats it's pretty pointless. Some edgelords with meta builds getting squished, so what? Happens every day thx to legal cheats (engineers) anyway.