Was gonna say wth myself but resisted. So much for that idea...

Ya. 'Switch-mode' refers to how the power is controlled. It is chopped on-off very fast and the average on-time determines power out. Very efficient. Often used for DC regulators but also applies to AC systems eg a dimmer switch.

The other way to to it is using Linear control. Very clean output but bulky and not efficient as the voltage difference between the DC feed supply and output is directly impressed across power transistors and dissipated as heat.