Henry Moore is a sculptor that uses the negative space a lot. It can be useful to refer to the "holes" in the sculpture

https://www.tate.org.uk/art/research-publications/henry-moor...

I think this is a good example of the specific, limited way in which this phrase is useful. It's similar to the - very specific - phrase "price point", which people often use to just mean generic "price" now when they want to sound businessy.