not necessarily. there are plenty of items who's flavor text exist purely for the sake of referencing something, and have absolutely no impact on the world of lore. and quite a few of them have characters, for example, Itchi's Restrained Blade, whose description, and even appearance is a shout out to the anime "bleach". and that's all it is: a shout out.
however, that doesn't mean they DON'T have some alternate meaning to Lore. all it means is that it's not a 100% guarantee that they do. i'd personally give it a 50/50 chance that there's something important to lore in it.
The way I see it is that these things have to exist in-universe. Sure, we may never see or heard of them any further, and there's not really any reason we would have to, but outside of the rare cases that are specifically not canon (Like a bunch of the DC classes etc.), it just makes sense that these things are part of Lore's... lore.
Of course, that means that if something isn't mentioned in the game (Or supplementary material, I suppose. That kinda depends, as we know), we can't just extrapolate to accept that anything else we associate with that particular reference holds true.
So sure, we have someone called Itchi, that during Book 1 (Maybe 3 too? You can still buy the weapon from Cysero in Book 3) had a delivery business in Swordhaven. He used to hunt ghosts with a sword that had the ability to get stronger, and visually changed to reflect that.
(You know, if only there was a Ghost specification in the game, it'd be neat to release a new version of this thing that triggers against them and changes form accordingly. Not exactly in the... spirit... of the original reference, but hey.)
Anyways, that's all we really have to go off of in terms of Itchi. Two descriptions in weapons. Can't really assume he uh, fought other ghost hunters to save a friend or anything like that :P
I do want to pose the big question though.
Are Dragonfable item descriptions the Dark Souls of item descriptions?