Yes, saying someone has a "high <insert sport> IQ" frequently means that they use smarts to make up for a lack of athletic ability... but that's not always the case. Lamar Jackson has a very high football IQ, for instance - he's immensely gifted athletically, but he's also a very astute player who makes the right reads and decisions in the heat of the moment. More often he's described as a "freak athlete" though - his acumen is glossed over, while his physical strengths are emphasized. Lebron James also has a very high basketball IQ - but again, he's more often praised for his athleticism/talent, rather than as a student of the game.
Mulcahy has a high basketball IQ, but has less frequently put on displays of athleticism. Some of his work around the basket when he's looking to score has been fantastic - and his ability to control his body in space while finding the open man is also really good - but right now he's not looking to be the guy who makes the athletic move to the hoop for points. Instead, he's looking to draw the help defense to open up a teammate for an easier bucket, or trying to make the defense move on a pass fake to open a passing lane for an easy score.
I feel like he's only going to get better at dictating how defenses react, and will eventually start faking the assist to get himself the easy buckets. Right now, though, he's doing a great job setting up others and protecting the ball.
