Delta is a greek letter commonly used to refer to a difference between two values (and, sadly, to various other things). You'll have come across it as (average water temp - ambient air temp) in watercooling, measuring performance of the loop as a whole, where 10 is normal and 5 is quite good.
Or possibly as (cpu temp - water temp), referring to water block performance, or (cpu temp - air temp) referring to heatsink performance.
So basically yeah, you're on the money.