No, that is low-side switching - the switch is on the low side of the load, at ground, the load it on the high-side.
The charge carriers come from the source through the channel and exit to the drain.
In an n-channel MOSFET the carriers are negative (electrons). Conventional current flows in the opposite direction to electrons (and the same as holes).
The same naming convention applies to BJTs, the charge carriers come from the emitter, diffuse across the base, and end up on the collector. In an NPN device the carriers are negative electrons, in a PNP they are positive holes.