It most certainly is. Remove the travelers and there is no current to the load. The travelers are not constantly hot, therefore they are part of the switched leg. They are part of the return conductor path to the switched outlet.
My understanding of why a white cannot be reidentified except when used as a constant hot is so that it never looks like a neutral to either a wiggy or tic trace or meter.
Seems like I learned that as an apprrentice, but I cant say for sure.
I do know that apprentices here get drilled in class that with cable assemblies in a dead-end three-3way or in a switch-loop, the reidentified white shall be the constantly hot and the black (and or red) shall be the switched conductor (and or travelers). 200.7 (C)(2).
200.7 (C)(1) does not overrule it, as it is only in the exception allowed in (C)(2) that you may reidentify the white in a cable assembly, and only within the parameters it gives...e.g. only the supply to the switch.
Jack