No, that doesn't mean you have the full package. It just means you have some sort of version of Creator 2011. I would wager that it's a cut-down OEM version with limited abilities, since There Ain't No Such Thing As A Free Lunch. [TANSTAAFL]
Perhaps we need to see a screenshot of that Help > About page.
This actually seems to be a more complex issue than it would at first look. I have a Dell XPS 15 that came with (probably) the Roxio Creator 2011 package as the OP. I updated it with SP1 with no issue, but when I bought, downloaded and tried to install the blu-ray plugin I got a message telling me that Roxio Creator was not installed. This prompted a whole set of calls:
1) To Dell where I was assured that the Roxio Creator version was the full product,
2) To Roxio. After some confusion on their part (you have Roxio 2010 - no I don't, you have the starter version - I don't think so) I supplied them with the Version number and they confirmed that I had the full product.
I asked why, if I had the full product, could I not install the blu-ray plugin and they said they did not know and would escalate the issue. That is still going on, but remember that I have been told by both Dell and Roxio that I have the full product.
Checking functionality seems to confirm that. I cannot find any built-in functionality that does not work - write to CD - works, write to DVD - works, create disc image (gi version) - works, create disc image (iso version) - works, create slide show - works, etc, etc, etc. I cannot find any basic included functionality that does not work, but the blu-ray plugin will not install and tells me I don't have Roxio Creator 2011 installed.
So I think that the issue is more complex than seems at first sight ...