F2P - C2P - P2W meanings?

For future reference, is referring to someone as P2W considered pejorative? I think I’d take offense to this term if I were a heavy spender. (I’m not, btw; F2P all the way!) P2P or “whale” seem less so; the fact is, these players pay more than the average player to gain potential advantages. But P2W seems to attribute any and all success that they have to spending and none to skill. Just wondering.