>>104239819No, it is a proper noun that is a derivative of Dolores, basically meaning "Of Sorrows." If you know of the novel, it is quite appropriate. The only reason it is used for that now is due to the Japanese coining the "Lolita complex" which later turned into lolita, then shortened further to loli.
Further, that evolution was meant to denote drawn girls, and potentially just the body type, considering the practice of justifying a small build via plot.