It is not canceling a jump in order to perform a move via a cancel. This is also called “jump cancel” by many, both involving the same mechanics, but it is a different technique.
A jump cancel is a system in which you can cancel an attack with a jump.
These generally can only happen when you’re allowed to, when specific normal moves and launching moves hit; by inputting a jump, the recovery motion is ignored, being replaced by that jump.
After that, one can do things like tying it into an air combo, or moving on to a rushdown.
In Street Fighter III (for one), there are cases where it is only possible to cancel with a high jump.
Jump cancels are often found in combo games. The first ones, however, were found in the original World Heroes.