Yes. And after the original names of the letters stopped to be learned at school around 1918, the word quickly got de-etymologized.
Another set of derived words unrelated to the "dick" meaning are "хе́рить", "похе́рить", "перехе́рить" (all rare or outdated now).
...Which is еретикъ in Old Church Slavonic. /H-/ was already absent in Byzantine Greek; in some Slavic languages it appears from Latin (in countries which are Catholic or were under strong Catholic influence).