It actually is! Oxidation Is Loss, Reduction Is Gain (of electrons).
I can't say it's a useful mnemonic, really. I rely more on "LEO the tiger says GER" (Loss Electrons = Oxidation, Gain Electrons = Reduction). Same thing but much more... charismatic.
... god I'm a nerd, I'm explaining chemistry mnemonics in a MEME. Send help.