Yes but the symbol isn't just something of multiple meanings. The show wants to define the sigil as having a specific meaning. And their explanation so far is that 1: Galadriel believes it is leading the Orcs somewhere and 2: she confirms it by this being a map of the Southlands, and as a plan B for when Morgoth fails.
Now if the show establishes this as the meaning of the symbol, then it makes little sense why Sauron would be using this mark so seemingly randomly. It is mired by actions inconsistent to the plot, or if anything, self-defeating considering the seemingly random application of the mark on an Elf is the main motivation of the main character in believing Sauron is still alive.
So why is Sauron even adopting this 'Plan B' mark as his personal sigil and marking Elven corpses with it during a time when Morgoth hadn't been defeated yet? The show writers probably don't seem to care enough to explain. The mark is serving its purpose as a macguffin towards the Southlands and that's all that they care to make this symbol to be.