Documented here but yes it's an average, of something similar to but not exactly the same as relative error: https://herbie.uwplse.org/doc/latest/error.html

It's true that averages can be misleading but we encourage users to think about it instead as a percentage of inputs. In practice the error distribution is very bimodal, the two modes being "basically fine" (a few ulps of error) and "garbage" (usually 0 instead of some actual value)