It might indicate that. No doubt non-Buddhist academic scholars of Buddhism would prefer to assume that it did indicate that. On the other hand, it might indicate that certain devas, asuras, etc., really are dhammapalas. Now why would a practising Buddhist wish to take the side of sceptical academics on such a matter?
Personally I prefer to assume the opposite. For example, if I'm ever harassed by a yakkha I shall have no hesitation in summoning assistance from those devas who according to the Atanatiya Sutta have vowed to assist those of us who have gone for refuge to the Buddha. If that makes me a gullible fool in the eyes of non-Buddhist academic scholars of Buddhism, very well, I can live with it.