I think that JimCasey illustrates well the problem with the looseness with which some of these terms have come to be used. In this case I would say that inline and offline are not the terms to use for an ultrasonic meter. More often the term used is "non-invasive" since the instrument can often be claamped to the outside of a pipe.
But what about this measurement of transit time?
How many measurements measure the exact property we are looking at? A trubine flowmeter doesn't measure flow either. It responds to velocity profiles. Volume flow is determined from the pipe cross-section at the rotor. In a mass flow meter the mass flow is determined from phase angles consequent on twisting. An ultrasonic meter measure velocity of sound. In a thermal mass meter we measure something else yet again. What we don't actually do is measure directly what we are interested in but the effect it has on something else that we can quantify. Temperature sensors: apart from actually only rporting their own temperature, you measure voltage or resistance.
Concentration measurements can be based on a variety of different properties measured and then related to the parameter of interest; gamma ray absortion, vibrating element density measurement (where you actually measure the resonant frequency and relate that to density), refractometers etc. etc. In fact, a sizeable number of measurements are actually "indirect" i.e. you measure one property to infer another.
We do need to be particular and consistent in how we describe "things" but it is a poor example set by ISA to in one handbook on instruments refer to density measured by the "coriolis effect" which is nonsense and makes the situation worse, not better.
It does mean that where there is a possible ambiguity one needs to explain ones own glossary, just as in an equation you have to define what each symbol represents, so too you have to explain how you are using a particular term if you suspect there is potential for misunderstanding, and probably often when there is only a slight chance.
JMW