I think that's the gist of it. If you take a closer look at the dialogue if Ian answers "no strings attached" Jeremy says "you're right to see her just as a hook up", while if Ian admits he might be falling for her Jeremy even brings back Gillian's ghost, and interestingly if Ian is non-committal and goes with "I like her as a person" Jeremy doesn't let him avoid the question and the player has to choose one of the other two answers.Fair point, that might very well be the case. When they've been talking about Lena earlier, he's been way more positive though, but that may of course be because he thinks she's a good fit to hook up with, not be in a relationship with.
And no matter what a bit later, if Ian is in love with Lena (ian_lena_love is true) and "defends" her from Jeremy remarks he says: "OK man, I meant no disrespect... I'm just warning you if you catch feelings for her...Well, you might be disappointed again."
Jeremy can be a bit of an ass, but right there I think he's just concerned about Ian.