No, it can aslo mean very very big, strong, powerful etc see Wiki's definition here
@matrix, good question I'd tend to use it with animate rather than inanimate objects and abstract nouns but I'm not sure why. Funnily enough though while surfing for some clarification I came across a site which was describing a "cyclopean monument to Hercules"!
I try and clear my thoughts and get back to you
Fair enough, your call, but if you use this adjective in connection with stone blocks, there are 2 possibilities:
1) it is a literal, technical reference, and, pace the Wiki page, this former archeologist, for one, can confirm that it's a common adjective used to describe other ancient building techniques, including Etruscan and Andean masonry, not just ancient Greek; or:
2) it's a figurative, non-technical reference just meaning "huge" (as you and others believe).
Only you can know, because you have the (full) context, and you haven't shared it with us yet! ;-)