My objections would indeed not apply if a new term were used. You can define a new term however you like; that’s the point of making a new term. You can’t just declare that a commonly used term has a specific meaning without providing some justification for abandoning its other existing meanings.
If I wanted to argue that the definition of “bachelor” is “an unmarried man,” I could do so rather easily, by citing this for example. If I were arguing over what counts as “theft,” I could offer an argument as to why a particular act should or should not fit under the general definition. An argument like the OP’s could theoretically include evidence (of common usage, of confusion, etc.) or argumentation, but the OP’s post does not really seem to do this. It declares, “The definition should be X” and then rejects certain usages as not fitting the definition. If you’re using an extremely common word like “signaling,” you don’t get to arbitrarily redefine it.
I echo people’s comments about the impropriety of the just-so story.
The analogy is problematic. At best, it proves “there is an possible circumstance where a fairly poorly thought-out instrumentally rational belief is inferior to a true one. Such an example is fundamentally incapable of proving the universal claim that truth is always superior. It’s also a bizarre and unrealistic example. On top of that, it actually ends in the optimal outcome.
The actor in the hypothetical likely made the correct utilitarian decision in the terms you assume. The moral thing to do for a drowning person is save them. But if you saved these people, you’d all die anyways. If you don’t save them, it seems like they’ll almost-drown until they pass out from exhaustion, then drown. Or they’ll be killed by the approaching deadly threat. So without more information, there is no realistic possibilitythey survive anyways. This, you actually did the right thing and soared yourself the emotional anguish of making a hard decion.