They could also simply be quoting the distance on the card (160) but getting 152 when they zap it with a rangefinder - as the pin is 8yds forward of centre. Allowance for wind etc. is often rated in terms of 'clubs' eg half, 1 2 etc.
And I agree with others that similar would apply to a downhill hole if 'zapped' with a Range Finder with slope feature - though they would likely mention that rather than simply saying 'playing'.
I've always assumed that when someone says "it's playing at" they are including course conditions like wind, elevation etc.
It's not unusual for me to think "I've just zapped that at 135 but it's into wind so probably playing at least 145 so 8 instead of 9" in my head when I'm looking at a shot.
I'd never thought about it before but I guess the explanation that its, the difference (if any) between the measured 'plate' on the teeing area and where the tee markers are on any given day, seems the most sensible
i.e what is the actual length of the hole that day compared to the measured course distance
Its not really a phrase I hear PP's using, just the telly folk