No it doesn’t mean that. He didn’t automatically lose because he didn’t show up. The court, specifically the United States Court of Appeals for the Eleventh Circuit, allowed the Faull estate to petition for a default judgement due to McAfee’s continued failure to respond and due to the merits of the case presented. They did not, and would not, allow a default judgment on a meritless case.
Meritless cases don't even make it that far (the court refuses to hear the case), so while true this seems like an unnecessary quibble. Yes, the suit had enough to actually be heard by a court, but the reason for the judgement is due to McAfee's refusal to even participate. Said another way: if McAfee had participated, this is not the judgement that would've been reached. McAfee may have still be found responsible by the court, but not for the same reason.
It is certainly not the normal level of proof people take a court decision as being.