Ah yes, this old argument. Except nobody slams his cursor against the top of the screen in real life, assuming that the menu bar is "infinitely tall." Watch real users interact with a Mac's menu, and you simply won't see this behavior. Not to mention that it doesn't work if you're using a laptop and a second monitor positioned behind and above it.
And we're talking about a GUI here, so when I minimize an application's GUI then yes, I expect that I've minimized the application. And again, I think you'll find that the vast majority of users work under this M.O.
But your observation raises another usability issue caused by the single menu: Instead of an "infinite" desktop, the Mac reduces the entire screen to a single application's client area... so, historically, Mac applications treated it that way...littering it with an armada of floating windows that you had to herd around.
The problem is that turning the whole screen into one application's client area fails because you can see all the other crap on your desktop and all other open applications' GUIs THROUGH the UI of the app you're trying to use. It's stupid.
So, to users' relief, the floating-window nonsense has been almost entirely abandoned over the last couple of decades and single-window applications have become the norm on Mac as they have been on Windows forever. Oh wait, hold on... here comes Apple regressing back to "transparent" UI with "liquid glass;" a failed idea from 20+ years ago.
Full circle, sadly.