True.
The word "Waaagh" even look like "wave" to me. Even more so in French. It basically happens from time to time like an earthquake and the resulting tsunami.
The goblins may not have an inferiority complex per se but as someone put it, they are the whipping boys of the orcs and certainly resent that.To be fair, neither the greenskin or skaven races have an inferiority complex in Warhammer Fantasy and could probably wipe humans/elves/dwarves off the map completely. Most of what holds both of them back is internal fighting.
They are certainly not cannon fodder to low-level adventurer like in D&D, but are used as cannon fodder in battle by the orcs.