Absolutely. Folk etymology is actually a productive process; in the literature, you'll also read "reanalysis", as in, a word's components which are not understood are reanalysed as something familiar. Compare English "sparrowgrass" — asparagus, or bridegroom, where groom is originally "gome", meaning "man" in Old English, and not "groom" in the modern (i.e. Early-Modern-English) sense.
The translation of Zeug, and especially -zeug is contentious. Stuff, gear, tool, utility, means. There are many ways in which it is used in German: Flugzeug, something that flies (or that you use to fly with); but Schwimmzeug is not a boat. Instead it means the "stuff" you need to go swimming, like goggles and a swimsuit. Schlagzeug (Schlag: beat) is neither something you use to hit somebody with, nor all the things you need in order to go a-hitting. It's a drum kit.
The translation of Zeug, and especially -zeug is contentious. Stuff, gear, tool, utility, means. There are many ways in which it is used in German: Flugzeug, something that flies (or that you use to fly with); but Schwimmzeug is not a boat. Instead it means the "stuff" you need to go swimming, like goggles and a swimsuit. Schlagzeug (Schlag: beat) is neither something you use to hit somebody with, nor all the things you need in order to go a-hitting. It's a drum kit.