Yes but the fact is the actions of Europe in the 1700 has left nations we think of as southern poorer then northern nations. And most of those nations were not allies to a cold war side. Because both sides did not consider then stratigically important.

Given the European (my ancestors of course) actions of treating the area as resources to remove. And the clear fact that the wealth of the north has been built upon those resources.

Ignoring them during the cold war may not have intentionally been due to povertly. But the fact they were behind other nations and unable to catchup was. Meaning there was a def link between poverty and them being named 3rd world. Caused by previous european actions.

As for the global south. I dont understand the term myself. But as it is a term certain nations have chosen themselves to represent the issue. I am not arrogant enough to tell them they cannot use the name for themselves. Or that I will call them something else.