Yup. That's what it means to me. However......

The Dictionary of Contemporary Slang, by Tony Thorne, has this to say:

"Cheesy - adj.
unpleasant, unsavoury, squalid, disreputable, underhand. The original notion of smelly cheese has encompassed a number of nuances of distaste.
- 'a cheesy place.'
- 'a cheesy thing to do.' "