It probably is.
Last week the Journal of Wine Economics published the text of a study titled "False Label Claims About High and Rising Alcohol Content of Wine". The study concludes that yes indeed, you're getting more of a buzz than the label says you should - and it's intentional.
The full study is here (as a PDF page): http://www.wine-economics.org/aawe/wp-content/uploads/2015/12/Vol.10-Issue03-Splendide-Mendax-False-Label-Claims-About-High-and-Rising-Alcohol-Content-of-Wine-by-Julian-M.-Alston.pdf
But you can skip the numbers and just read the conclusion at the bottom, which is fairly long and very interesting. You don't need to read the body of the study to understand it.
No if you'll excuse me, I'm gonna go get hammered on an ABV "11" % Ripple (NV)....