You're asking if meditating with a tarot card is just sitting with it and thinking about its meaning. I’ve been meditating for over 50 years, and most definitions of "meditation" do include contemplation, so yeah, that’s basically what you described - and contemplation can be really useful.
But contemplative work and meditational practice aren’t exactly the same. In meditation the aim is to quiet the mind, to stop chasing thoughts. Different styles get there in different ways, but the common thread is letting thoughts pass by instead of grabbing onto them. When a thought knocks, don’t invite it in for tea.
Think of it like sleep for the mind: if you never let your body rest it won’t function well, and the mind needs that deep rest too. With regular practice that rest strengthens intuition, helps lateral thinking, and some people find it supports decalcifying the pineal gland - the so-called third eye.