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Doing It for the Art is specifically about doing it "not for the money" - heck there is a clean up right now about checking if the examples don't mention that the creators are not forgoing profit for the work
Yes, that is the exact definition of Doing It for the Art.
Also related is One for the Money; One for the Art, where the filmmaker makes a profit off one highly marketable film, and so can use the proceeds to pursue the second likely unprofitable project.

A filmmaker/producers already knows that their film is an Audience-Alienating Premise or too expensive but not marketable to make any money but they don't care. They're Doing It for the Art not for the money.