In my own made up terminology, I consider it to be a battleground state but not a swing state.
Swing state: the states that are plausible or semi-plausible tipping point states
Battleground state: the states that could plausibly vote for either party given a particularly good/bad environment
Iowa was the tipping-point state in 2008, which is unlikely for a state with so few electoral votes. Iowa has demographics similar to those of Wisconsin, so if Michigan gets Biden to 264 or so electoral votes and Iowa votes for him by a larger margin than Arizona, Florida, North Carolina, and Wisconsin it would be the tipping-point state.
Iowa gave the majority of its votes for its US House seats, so such is possible.